Dollar Thrifty Automotive Group Completes $450 Million Senior Secured Credit Facility

TULSA, OK--February 17, 2012:  Dollar Thrifty Automotive Group, Inc. today announced the completion of a new five-year $450 million senior secured credit facility that significantly enhances the Company's liquidity, as well as its operating and financing flexibility.  The new senior secured credit facility increases the Company's available revolving credit capacity by approximately $220 million compared to the Company's previous facility, and extends the maturity date to 2017 from 2013.  In addition to incremental financing capacity available for general corporate purposes or the issuance of letters of credit, the new facility provides the Company with greatly improved flexibility to manage growth initiatives and capital structure initiatives.  In this regard, the new facility provides for restricted payments for the purposes of making share repurchases and / or paying dividends, provides greater flexibility for completion of acquisitions, and permits the incurrence of additional indebtedness by the Company. 

"The completion of this new facility marks the final step in restructuring the Company's financing facilities on more favorable terms while also significantly extending maturity dates.  We greatly appreciate the support of our lending group and are very pleased with the outcome of the credit facility renewal," said Scott L. Thompson, President and Chief Executive Officer.  "The Company has a substantial cash position, no corporate leverage, and continues to generate significant operating cash flow.  Those attributes, combined with a senior secured credit facility that provides the Company with increased operational and financial flexibility will allow us to continue in our quest to maximize profitability and shareholder value."

Pricing under the new senior secured credit facility is grid based with a spread above LIBOR that will range from 300 basis points to 350 basis points, based upon availability under the facility.  Commitment fees under the new facility will equal 50 basis points on unused capacity.  The new facility contains various financial and other covenants, including, among others, limitations on liens, investments, restricted payments and the incurrence of debt, as well as requirements to maintain a minimum interest coverage ratio, minimum Corporate Adjusted EBITDA and a maximum leverage ratio. 

About Dollar Thrifty Automotive Group, Inc.

Through its Dollar Rent A Car and Thrifty Car Rental brands, the Company has been serving value-conscious leisure and business travelers since 1950.  The Company maintains a strong presence in domestic leisure travel in virtually all of the top U.S. and Canadian airport markets, and also derives a significant portion of its revenue from international travelers to the U.S. under contracts with various international tour operators.  Dollar and Thrifty have approximately 280 corporate locations in the United States and Canada, with approximately 5,900 employees located mainly in North America.  In addition to its corporate operations, the Company maintains global service capabilities through an expansive franchise network of approximately 1,300 franchises in 82 countries.  For additional information, visit DTAG or the brand sites at Dollar and Thrifty.