• Home:
• News:
• Dollar Thrifty Automotive Group:

Dollar Thrifty Automotive Group Completes $600 Million in New Credit Facilities

TULSA, Okla., June 18 // PRNewswire-FirstCall // -- Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) announced today that it has closed on $600 million in new Senior Secured Credit Facilities to refinance its existing $300 million Revolving Credit Facility, pay related fees and expenses, reduce vehicle debt, and use for general corporate purposes. The new Senior Secured Credit Facilities include a $350 million Revolving Credit Facility and a $250 million Term Loan B.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020412/DTGLOGO)

The $350 million Revolving Credit Facility expires in June 2013 and will be used to provide working capital borrowings and letters of credit. The Company uses letters of credit to support insurance programs, asset backed vehicle financing programs and airport concession and lease agreements.

The $250 million Term Loan, which will be funded immediately, expires in June 2014 and will be used to repay asset backed debt, thereby providing additional enhancement to the vehicle financing facility. The issuance of the Term Loan will allow the Company greater flexibility to finance vehicle purchases from non-investment grade manufacturers and non-program vehicles.

The financial impact on 2007 earnings of entering into the new Senior Secured Credit Facilities is estimated to be $0.11 per diluted share based on the higher interest costs of the new debt relative to the asset backed debt repaid, expensing unamortized deferred financing fees from the retired revolver and certain other fees. The financial impact of the new Senior Secured Credit Facilities was not included in the Company's 2007 non-GAAP earnings per diluted share guidance range of $2.50 to $2.90 provided on April 26, 2007.

Deutsche Bank Securities Inc. and The Bank of Nova Scotia arranged a syndicate of lenders for the new Senior Secured Credit Facilities.

About Dollar Thrifty Automotive Group, Inc.

Dollar Thrifty Automotive Group, Inc. (DTG) is a Fortune 1000 company headquartered in Tulsa, Oklahoma. Driven by the mission, "Value Every Time," the Company's brands, Dollar Rent A Car and Thrifty Car Rental, serve value- conscious travelers from locations in 70 countries, including 836 corporate and franchised locations in the United States and Canada. The Dollar or Thrifty brand operates in virtually all of the top U.S. airport markets; both brands operate in all of the top Canadian airport markets. The Company's more than 8,500 employees are located mainly in North America, but global service capabilities exist through an ever expanding franchise network. The common stock is listed on the New York Stock Exchange under the ticker symbol DTG

###