Avis 2012 Annual Report Download - page 48

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41
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, 2012:
Corporate
Debt
Debt Under
Vehicle
Programs
Due in 2013
$
57
$
756
Due in 2014
395
2,203
Due in 2015
19
1,343
Due in 2016
45
1,120
Due in 2017
309
927
Thereafter
2,080
457
$
2,905
$
6,806
At December 31, 2012, we had approximately $3.4 billion of available funding under our various financing arrangements
(comprised of $875 million of availability under our credit facilities and approximately $2.5 billion available for use in our
vehicle programs). As of December 31, 2012, the committed non-vehicle-backed credit facilities available to us and/or our
subsidiaries included:
Total
Capacity
Outstanding
Borrowings
Letters of
Credit Issued
Available
Capacity
Revolving credit facility maturing 2016 (a)
$
1,500
$
-
$
631
$
869
Other facilities (b)
10
4
-
6
__________
(a) This revolving credit facility matures in May 2016 and bears interest of one-month LIBOR plus 300 basis points. The senior credit
facility, which encompasses our floating rate term loans and revolving credit facility, is 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 of the Company.
(b) These facilities encompass bank overdraft lines of credit and finance leases, bearing interest of 3.22% to 5.77% as of December 31,
2012.
At December 31, 2012, the Company had various uncommitted credit facilities available, under which it had drawn $38
million and which bear interest at rates of 0.42% to 5.97%.
The following table presents available funding under our debt arrangements related to our vehicle programs at December 31,
2012:
Total
Capacity(a)
Outstanding
Borrowings
Available
Capacity
Debt due to Avis Budget Rental Car Funding (b)
$
6,763
$
5,203
$
1,560
Budget Truck financing (c)
311
253
58
Capital leases
507
315
192
Other (d)
1,772
1,035
737
$
9,353
$
6,806
$
2,547
__________
(a) Capacity is subject to maintaining sufficient assets to collateralize debt.
(b) The outstanding debt is collateralized by approximately $6.9 billion of underlying vehicles and related assets.
(c) The outstanding debt is collateralized by $392 million of underlying vehicles and related assets.
(d) The outstanding debt is collateralized by approximately $2.0 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, 2012, can be found in Notes 14 and 15 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 or for other U.S. needs. 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.