Thrifty Car Rental 2008 Annual Report Download - page 85

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Company’s Revolving Credit Facility that permanently reduced the total revolving loan and letter of
credit commitment from $340.0 million to $290.0 million. In conjunction with amending the Senior
Secured Credit Facilities, the Company amended its asset backed medium term notes to allow it to
operate a fleet of up to 100% risk vehicles.
On February 9, 2009, the Company executed a secondary vehicle supply agreement with Ford that,
beginning with the 2009 Program Year, will allow the Company to source a portion of its annual
vehicle purchases, with certain minimum and maximum volumes, through Ford until August 2012.
The VSA may be renewed for a three-year term, upon written agreement of the parties entered prior
to August 31, 2012.
In February 2009 the Company paid off all outstanding amounts under the Conduit Facility and the
Liquidity Facility totaling $215.0 million and $274.9 million, respectively.
In February 2009, prior to the expiration of the amendment period, the Company amended the
Senior Secured Credit Facilities through June 15, 2013, their final maturity date. Under the Senior
Secured Credit Facilities, the Company will no longer be required to maintain a minimum leverage
ratio, but must maintain a minimum adjusted tangible net worth of $150 million and a minimum of
$100 million of unrestricted cash and cash equivalents. In connection with the amendment, the
Company prepaid $20 million of its Term Loan and permanently reduced the total Revolving Credit
Facility commitments to $231.3 million. In addition, the amendment provides that Revolving Credit
Facility commitments will be restricted to issuances of letters of credit in future periods. The
amendments provide for a 50 basis point increase in the interest rate borne by outstanding debt
under all three financing agreements, including letters of credit. The Company also paid one-time
amendment fees of 50 basis points, based on outstanding commitments and/or loans. The
Company used approximately $24 million of unrestricted cash for the Term Loan payment, fees and
expenses associated with the amendments. Concurrently with the amendment of the Senior
Secured Credit Facilities, the Company made comparable amendments to two fleet financing
agreements from a vehicle manufacturer and various banks.
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