Avis 2015 Annual Report Download - page 93

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F-24
11. Accounts Payable and Other Current Liabilities
Accounts payable and other current liabilities consisted of:
As of December 31,
2015 2014
Accounts payable $ 352 $ 328
Accrued sales and use taxes 220 194
Accrued payroll and related 199 229
Public liability and property damage insurance liabilities – current 131 121
Deferred revenue – current 103 89
Other 480 530
Accounts payable and other current liabilities $ 1,485 $ 1,491
12. Long-term Debt and Borrowing Arrangements
Long-term debt and other borrowing arrangements consisted of:
Maturity
Date As of December 31,
2015 2014
November 2017 $ 300 $ 300
Floating Rate Senior Notes December 2017 249 248
Floating Rate Term Loan (a) March 2019 970 980
9¾% Senior Notes March 2020 — 223
6% Euro-denominated Senior Notes March 2021 502 561
June 2022 400 400
5½% Senior Notes April 2023 674 674
5¼% Senior Notes March 2025 375 —
Other (b) 46 34
Deferred financing fees (55) (67)
Total 3,461 3,353
Less: Short-term debt and current portion of long-term debt 26 28
Long-term debt $ 3,435 $ 3,325
__________
(a) The floating rate term loan 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) Primarily includes capital leases which are secured by liens on the related assets.
Term Loan
Floating Rate Term Loan due 2019. The Company issued $500 million and $200 million of Floating Rate
Term Loan due 2019 in March and October 2012, respectively, under the Company’s senior credit facility.
The Company used the proceeds of the loan to repay approximately $420 million of term loan borrowings
due 2014 and 2018 and $75 million of its senior notes due 2014.
During 2013, the Company amended its senior credit facility to issue, in aggregate, an additional $300
million of Floating Rate Term Loan due 2019. A portion of the proceeds was used to partially fund the
acquisition of Zipcar. The term loan bears interest at the greater of three-month LIBOR or 0.75% plus 225
basis points, for an aggregate rate of 3.00% at December 31, 2015; however, the Company has entered
into an interest rate swap to hedge $600 million of its interest rate exposure related to the floating rate term
loan at an aggregate rate of 3.96%.
Senior Notes
Senior Notes due 2017. In November 2012, the Company issued its Senior Notes at par, for
aggregate proceeds of $300 million with interest payable semi-annually. The Company has the right to
redeem these notes in whole or in part at any time on or after May 15, 2015, at specified prices, plus
accrued interest through the redemption date.