Dollar Thrifty Automotive Group Inc. announces it has reduced excess borrowing capacity and given notice of termination on two fleet financing structures.
Rental Car Finance Corp. provided notice to the lenders under its asset-backed Variable Funding Note Purchase Facility requesting a reduction in commitments from $215 million to $1 million.
In addition, Dollar Thrifty Funding Corp. provided notice to the lenders under its commercial paper program and liquidity lending facility requesting a reduction in commitments from $277.5 million to $1 million.
The reduction in commitments became effective on March 20, 2009.
Termination of these facilities is expected to occur prior to the maturity of these facilities in May 2009.
As previously reported, $493 million in borrowings under these facilities was repaid in February 2009 and no amounts have since been drawn.