Avis 2007 Annual Report Download - page 98
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Table of Contents
DEBT MATURITIES
The following table provides contractual maturities of the Company’s corporate debt at December 31, 2007:
COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS
At December 31, 2007, the committed credit facilities available to the Company and/or its subsidiaries at the corporate or Avis Budget Car
Rental level were as follows:
Year
Amount
2008
$
10
2009
9
2010
9
2011
9
2012
760
Thereafter
1,000
$
1,797
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 at one month LIBOR plus 125 basis points. The floating rate term loan and the 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.
DEBT COVENANTS
The Company’s debt agreements contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its
subsidiaries, the incurrence of indebtedness by the Company and certain of its subsidiaries, mergers, liquidations, and sale and leaseback
transactions. The credit facility also requires the maintenance of certain financial ratios. As of December 31, 2007, the Company is not
aware of any instances of non-compliance with such financial or restrictive covenants.
Debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding AESOP, LLC (“
Avis Budget Rental Car
Funding”)) consisted of:
F
-
35
(b)
Final maturity date is July 2010.
17. Debt Under Vehicle Programs and Borrowing Arrangements
As of
December 31,
2007
As of
December 31,
2006
Debt due to Avis Budget Rental Car Funding
(a)
$
4,646
$
4,511
Budget Truck Financing:
Budget Truck Funding program
(b)
246
135
Capital leases
204
257
Other
(c)
500
367
$
5,596
$
5,270