Avis 2011 Annual Report Download - page 46

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40
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, 2011:
Debt under
Corporate Vehicle
Debt Programs
Due in 2012 $ 37 $ 2,184
Due in 2013 10 780
Due in 2014 1,064 865
Due in 2015 8 798
Due in 2016 393 883
Thereafter 1,693 54
$ 3,205 $ 5,564
At December 31, 2011, we had approximately $4.6 billion of available funding under our various financing arrangements
(comprised of $766 million of availability under our credit facilities and approximately $3.8 billion available for use in our
vehicle programs). As of December 31, 2011, the committed non-vehicle-backed credit facilities available to us and/or our
subsidiaries included:
Total Outstanding Letters of Available
Capacity Borrowings Credit Issued Capacity
Revolving credit facility maturing 2016 (a) $ 1,400 $ - $ 643 $ 757
Other facilities (b) 11 2 - 9
__________
(a) This revolving credit facility matures in April 2016 and bears interest of one month LIBOR plus 300 basis points. The senior credit
facilities, which encompass our floating rate term loans and revolving credit facility, are secured by pledges of all of the capital stock
of all of our 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 our intellectual property and certain other real and personal property.
(b) These facilities encompass bank overdraft lines of credit, bearing interest of 5.14%-7.25% as of December 31, 2011.
At December 31, 2011, the Company had various uncommitted credit facilities available, under which it had drawn
approximately $25 million, which bear interest at rates of 0.50%-3.58%.
The following table presents available funding under our debt arrangements related to our vehicle programs at December 31,
2011:
Total Outstanding Available
Capacity
(a) Borrowings Capacity
Debt due to Avis Budget Rental Car Funding (b) $ 7,199 $ 4,574 $ 2,625
Budget Truck financing (c) 188 188 -
Capital leases 542 348 194
Other (d) 1,479 454 1,025
$ 9,408 $ 5,564 $ 3,844
__________
(a) Capacity is subject to maintaining sufficient assets to collateralize debt.
(b) The outstanding debt is collateralized by approximately $6.3 billion of underlying vehicles and related assets.
(c) The outstanding debt is collateralized by $302 million of underlying vehicles and related assets.
(d) The outstanding debt is collateralized by approximately $1.7 billion of underlying vehicles and related assets.
The significant terms for our outstanding debt instruments, credit facilities and available funding arrangements as of
December 31, 2011, can be found in Notes 15 and 16 to our Consolidated Financial Statements.
LIQUIDITY RISK
Our primary liquidity needs include the payment of operating expenses, servicing of corporate and vehicle-related debt and
procurement of rental vehicles to be used in our operations. The present intention of management is to reinvest the
undistributed earnings of its foreign subsidiaries indefinitely in its foreign operations. We do not anticipate the need to
repatriate funds to the U.S. to service corporate debt. Our primary sources of funding are operating revenue, cash received
upon sale of vehicles, borrowings under our vehicle-backed borrowing arrangements and our revolving credit facility, and
other financing activities.