Avis 2013 Annual Report Download - page 62

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52
(b) The Floating Rate Term Loans are part of our senior credit facility, which is secured by pledges of capital stock of
certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain
other real and personal property.
(c) As of December 31, 2013, the Floating Rate Senior Notes due 2017 bear interest at the three-month LIBOR, plus 275
basis points, for an aggregate rate of 3.00%. We have entered into a swap to hedge our interest rate exposure related
to these notes at an aggregate rate of 3.58%.
(d) As of December 31, 2013, the Floating Rate Term Loan due 2019 bears interest at the greater of three-month LIBOR or
0.75%, plus 225 basis points, for an aggregate rate of 3.00%. We have entered into a swap to hedge $600 million of our
interest rate exposure related to the floating rate term loan at an aggregate rate of 3.96%.
The following table summarizes the components of our debt under vehicle programs, including related party debt
due to Avis Budget Rental Car Funding:
As of December 31,
2013 2012 Change
North America – Debt due to Avis Budget Rental Car Funding (a) $ 5,656 $ 5,203 $ 453
North America – Canadian borrowings 400 353 47
International – Debt borrowings 731 679 52
International – Capital leases 289 315 (26)
Truck Rental – Debt borrowings (b) 226 253 (27)
Other (c) 35 3 32
Total $ 7,337 $ 6,806 $ 531
__________
(a) The increase reflects additional borrowings principally to fund an increase in our fleet driven by increased rental volume
and the acquisitions of Zipcar and Payless.
(b) The decrease reflects reduced borrowings due to a decrease in the size of our truck fleet.
(c) The increase is principally related to Zipcar capital leases.
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, 2013:
Corporate
Debt
Debt Under
Vehicle
Programs
Due in 2014 $89$1,264
Due in 2015 17 1,534
Due in 2016 16 1,618
Due in 2017 561 998
Due in 2018 11 1,532
Thereafter 2,700 391
$ 3,394 $ 7,337
At December 31, 2013, we had approximately $4.6 billion of available funding under our various financing
arrangements (comprised of $1.1 billion of availability under our committed credit facilities and approximately $3.5
billion available for use in our vehicle programs). As of December 31, 2013, 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
Senior revolving credit facility maturing 2018 (a) $1,650 $ — $ 598 $ 1,052
Other credit facilities (b) 13 1 — 12
__________
(a) The senior revolving credit facility bears interest of one-month LIBOR, plus 225 basis points. The senior revolving credit
facility is part of our senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the
Company, and liens on substantially all of our intellectual property and certain other real and personal property.
(b) These credit facilities encompass bank overdraft lines of credit, bearing interest of 4.50% to 5.69% as of December 31,
2013.