ANC Rental Corporation Announces an Underwriting Agreement for Interim Loan Refinancing
31 October 2000
ANC Rental Corporation Announces an Underwriting Agreement for Interim Loan Refinancing
Business Editors/Automotive WritersFORT LAUDERDALE, Fla.--Oct. 31, 2000--ANC Rental Corporation announced that it has entered into an underwriting agreement with Lehman Brothers Inc. for $400 million of senior secured credit facilities, consisting of a combination of a revolving credit facility and a term loan.
The $400 million senior secured credit facility will be used to refinance the $225 million interim loan which matures June 2001 and the $175 million revolving credit facility maturing in 2003, both of which were executed in conjunction with the spin off. Refinancing the existing debt facilities will increase the company's financial flexibility, reduce debt service costs and allow the company to avoid the additional fees associated with the interim loan. The company anticipates closing the transaction during the fourth quarter of 2000.
ANC Rental Corporation, headquartered in Fort Lauderdale, is one of the world's largest car rental companies with annual revenue of approximately $3.5 billion in 1999. ANC Rental Corporation, the parent company of Alamo, National, and CarTemps has more than 3,000 locations in 69 countries and employs approximately 22,000 associates nationwide.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause the actual results to differ materially from management's projection, forecasts, estimates and expectations is contained in the Company's Registration Statement on Form 10 and other SEC filings.