Thrifty Car Rental 2009 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2009 Thrifty Car Rental annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 111

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111

Fair Value
Expected Maturity Dates December 31,
as of December 31, 2008 2009 2010 2011 2012 2013 Thereafter Total 2008
(in thousands)
Debt:
Vehicle debt and obligations-
floating rates (1) 719,974$ 392,283$ 500,910$ 500,432$ -$ -$ 2,113,599$ 1,467,599$
Weighted average interest rates 4.09% 1.95% 2.65% 3.11% - -
Vehicle debt and obligations-
fixed rates -$ 110,000$ -$ -$ -$ -$ 110,000$ 83,586$
Weighted average interest rates - 4.59% - - - -
Vehicle debt and obligations-
Canadian dollar denominated 86,535$ -$ -$ -$ -$ -$ 86,535$ 86,535$
Weighted average interest rates 3.27% - - - - -
Non-vehicle debt - term loan -$ -$ -$ -$ -$ 178,125$ 178,125$ 35,625$
Weighted average interest rates - - - - - 4.87%
Interest Rate Swaps:
Variable to Fixed -$ 390,000$ 500,000$ 500,000$ -$ -$ 1,390,000$ 1,509,620$
Average pay rate - 4.89% 5.27% 5.16% - -
Average receive rate - 1.59% 2.24% 2.78% - -
(1) Floating rate vehicle debt and obligations include $290 million relating to the Series 2005 Notes, the $600 million Series 2006 Notes
and the $500 million Series 2007 Notes swapped from floating interest rates to fixed interest rates.
Interest rate sensitivity – Based on the Company’s level of floating rate debt (excluding notes with floating
interest rates swapped to effectively fixed interest rates) at December 31, 2009, a 50 basis point
fluctuation in short-term interest rates would have an approximate $1 million impact on the Company’s
expected pre-tax income.
48