Avis 2015 Annual Report Download - page 58

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50
the greater of three-month LIBOR or 0.75%, plus 225 basis points, for an aggregate rate of 3.00%. The Company has
entered into a swap to hedge $600 million of its interest rate exposure related to the floating rate term loan at an
aggregate rate of 3.96%.
(c) The reduction in the balance principally reflects currency translation adjustments.
(d) Primarily includes capital leases which are secured by liens on the related assets.
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,
2015 2014 Change
Americas – Debt due to Avis Budget Rental Car Funding (a) $ 6,837 $ 6,340 $ 497
Americas – Debt borrowings 643 746 (103)
International – Debt borrowings (a)(b) 1,187 685 502
International – Capital leases 238 314 (76)
Other 8 31 (23)
Deferred financing fees (c) (53) (60) 7
Total $ 8,860 $ 8,056 $ 804
__________
(a) The increase reflects additional borrowings principally to fund increases in the Company's car rental fleet.
(b) The increase includes additional borrowing related to the acquisition of Maggiore.
(c) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2015 and 2014 were
$41 million and $44 million, respectively.
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, 2015:
Corporate
Debt
Debt Under
Vehicle
Programs
Due in 2016 $ 26 $ 1,501
Due in 2017 564 2,884
Due in 2018 14 1,626
Due in 2019 948 1,389
Due in 2020 2 1,513
Thereafter 1,962 —
$ 3,516 $ 8,913
At December 31, 2015, we had approximately $4.4 billion of available funding under our various financing
arrangements (comprised of $1.1 billion of availability under our committed credit facilities and approximately $3.3
billion available for use in our vehicle programs). As of December 31, 2015, 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) $1,800 $ — $ 687 $ 1,113
Other credit facilities (b) 33 — —
__________
(a) The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s
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.
(b) These facilities encompass bank overdraft lines of credit, bearing interest of 1.50% to 3.48% as of December 31, 2015.
At December 31, 2015, the Company had various other uncommitted credit facilities available, which bear interest
at rates of 0.21% to 1.76%, under which it had drawn approximately $3 million.