ANC Rental Closes On Asset-Backed Offerings of $1,131 Million

    FORT LAUDERDALE, Fla.--May 14, 2001--ANC Rental Corporation today announced that it has closed on $1,131 million of asset-backed offerings in two parts (i) $600 million of asset-backed medium term notes and (ii) $531 million of auction rate notes. Proceeds of these offerings will be used to retire maturing asset-backed medium term notes and provide for the reduction of ANC's $1.1 billion single seller commercial paper program, which was extended in full for 60 days on May 11, 2001.
    The $600 million medium term note, which was increased 20% from the initial offering due to strong investor interest, is rated AAA by Moody's Investor Service and Standard & Poor's. The $531 million auction rate notes were closed in two parts, (i) a $500 million AAA note rated by Moody's and Standard & Poor's and (ii) a $31 million BBB note rated by Standard & Poor's. The auction rate is a variable facility and, as such, had $306 million of notes issued upon closing out of a total capacity of $531 million.