Avis 2008 Annual Report Download - page 54

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, 2008:
At December 31, 2008, we had approximately $1.5 billion of available funding under our various financing arrangements (comprised of
approximately $340 million of availability at the corporate level and approximately $1.1 billion available for use in our vehicle programs). As of
December 31, 2008, 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 2009
$
10
$
2,263
Due in 2010
9
1,389
Due in 2011
9
974
Due in 2012
761
1,108
Due in 2013
-
-
Thereafter
1,000
300
$
1,789
$
6,034
Total
Capacity
Outstanding
Borrowings
Letters of
Credit Issued
Available
Capacity
Revolving credit facility
(a)
$
1,150
$
-
$
816
$
334
Letter of credit facility
(b)
228
-
224
4
(a)
This secured revolving credit facility was entered into by Avis Budget Car Rental in April 2006 and amended in December 2008, has a five
year term and as of December 31, 2008 bears interest of LIBOR plus 400 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 and certain other real and personal property.
The following table presents available funding under our debt arrangements related to our vehicle programs at December 31, 2008:
(b)
Final maturity date is July 2010.
Total
Capacity
(a)
Outstanding
Borrowings
Available
Capacity
Debt due to Avis Budget Rental Car Funding
(b)
$
5,967
$
5,142
$
825
Budget Truck Financing:
Budget Truck Funding program
(c)
316
316
-
Capital leases
(d)
126
126
-
Other
(e)
761
450
311
$
7,170
$
6,034
$
1,136
(a)
Capacity is subject to maintaining sufficient assets to collateralize debt.
(b)
The outstanding debt is collateralized by approximately $6.6 billion of underlying vehicles and related assets.
(c)
The outstanding debt is collateralized by $334 million of underlying vehicles and related assets.
(d)
These capital leases are collateralized by $144 million of underlying vehicles.
The significant terms for our outstanding debt instruments, credit facilities and available funding arrangements as of December 31, 2008 can be
found in Notes 16 and 17 to our Consolidated Financial Statements.
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(e)
The outstanding debt is collateralized by $869 million of vehicles and related assets.