Avis 2007 Annual Report Download - page 55

Table of Contents
The following table provides the contractual maturities for our corporate debt and our debt under vehicle programs (including related party debt
due to Avis Budget Rental Car Funding) at December 31, 2007:
At December 31, 2007, we had approximately $4.1 billion of available funding under our various financing arrangements (comprised of
approximately $1.2 billion of availability at the corporate level and approximately $2.9 billion available for use in our vehicle programs). As of
December 31, 2007, the committed credit facilities available to us and/or our subsidiaries at the corporate or Avis Budget Car Rental level
included:
Corporate
Debt
Debt Under
Vehicle
Programs
Due in 2008
$
10
$
1,726
Due in 2009
9
474
Due in 2010
9
1,240
Due in 2011
9
827
Due in 2012
760
1,150
Thereafter
1,000
179
$
1,797
$
5,596
Total
Capacity
Outstanding
Borrowings
Letters of
Credit Issued
Available
Capacity
$1.5 billion revolving credit facility
(a)
$
1,500
$
-
$
338
$
1,162
Letter of credit facility
(b)
303
-
303
-
(a)
This secured revolving credit facility was entered into by Avis Budget Car Rental in April 2006, has a five year term and currently bears
interest of LIBOR plus 125 basis points. The floating rate term loan and our revolving credit facility are secured by pledges of all of the
capital stock of all of the Company’s direct or indirect domestic subsidiaries and up to 66% of the capital stock of each direct foreign
subsidiary, subject to certain exceptions, and liens on substantially all of the Company’s intellectual property.
The following table presents available funding under our debt arrangements related to our vehicle programs at December 31, 2007:
(b)
Final maturity date is July 2010.
Total
Capacity
(a)
Outstanding
Borrowings
Available
Capacity
Debt due to Avis Budget Rental Car Funding
(b)
$
6,621
$
4,646
$
1,975
Budget Truck Financing:
Budget Truck Funding program
(c)
400
246
154
Capital leases
(d)
204
204
-
Other
(e)
1,227
500
727
$
8,452
$
5,596
$
2,856
(a)
Capacity is subject to maintaining sufficient assets to collateralize debt.
(b)
The outstanding debt is collateralized by approximately $6.7 billion of underlying vehicles (the majority of which are subject to
manufacturer repurchase or guaranteed depreciation obligations) and related assets.
(c)
The outstanding debt is collateralized by approximately $296 million of underlying vehicles and related assets.
(d)
In connection with these capital leases, there are corresponding unamortized assets of $207 million classified within vehicles, net on our
Consolidated Balance Sheet as of December 31, 2007.
The significant terms for our outstanding debt instruments, credit facilities and available funding arrangements as of December 31, 2007 can be
found in Notes 16 and 17 to our Consolidated Financial Statements.
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(e)
The outstanding debt is collateralized by $1.1 billion of vehicles and related assets.