Thrifty Car Rental 2008 Annual Report Download - page 66

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10. DEBT AND OTHER OBLIGATIONS
Debt and other obligations consist of the following (in thousands):
2008 2007
V
ehicle debt and other obligations
Asset backed medium term notes
2007 Series notes (matures July 2012) 500,000$ 500,000$
2006 Series notes (matures May 2011) 600,000 600,000
2005 Series notes (matures June 2010) 400,000 400,000
2004 Series notes - 500,000
1,500,000 2,000,000
Discounts on asset backed medium term notes (14) (23)
Asset backed medium term notes, net of discount 1,499,986 1,999,977
Conduit Facility 215,000 12,000
Commercial paper, net of discount of $0 and $131
(including draws on Liquidity Facility) 274,901 25,851
Other vehicle debt 233,698 234,472
Limited partner interest in limited partnership
(Canadian fleet financing) 86,535 135,512
Total vehicle debt and other obligations 2,310,120 2,407,812
Non-vehicle debt
Term Loan 178,125 248,750
Total non-vehicle debt 178,125 248,750
Total debt and other obligations 2,488,245$ 2,656,562$
December 31,
Asset Backed Medium Term Notes are comprised of rental car asset backed medium term notes
issued by RCFC in May 2007 (the “2007 Series notes”), March 2006 (the “2006 Series notes”), April
2005 (the “2005 Series notes”) and May 2004 (the “2004 Series notes”).
The 2007 Series notes are floating rate notes that were converted to a fixed rate of 5.16% by
entering into interest rate swap agreements (Note 11) in conjunction with the issuance of the notes.
The 2006 Series notes are floating rate notes that were converted to a fixed rate of 5.27% by
entering into interest rate swap agreements (Note 11) in conjunction with the issuance of the notes.
The 2005 Series notes are comprised of $110.0 million 4.59% fixed rate notes and $290.0 million of
floating rate notes. In conjunction with the issuance of the 2005 Series notes, the Company also
entered into interest rate swap agreements (Note 11) to convert $190.0 million of the floating rate
debt to fixed rate debt at a 4.58% interest rate. Additionally, in December 2006, the Company
entered into an interest rate swap agreement to convert the remaining $100.0 million of the floating
rate debt to fixed rate debt at a 5.09% interest rate.
The 2004 Series notes are floating rate notes that were converted to a fixed rate of 4.20% by
entering into interest rate swap agreements (Note 11) in conjunction with the issuance of the notes.
During 2008, the 2004 Series notes were paid in full.
The assets of RCFC, including revenue-earning vehicles related to the asset backed medium term
notes, restricted cash and investments, and certain receivables related to revenue-earning vehicles
are available to satisfy the claims of its creditors. Dollar and Thrifty lease vehicles from RCFC under
the terms of a master lease and servicing agreement. The asset backed medium term note
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