Dollar Thrifty Automotive Group in $200 Million Offering of Rental Car Asset Backed Notes

April 9, 2010

Cleary Gottlieb represented Dollar Thrifty Automotive Group and its wholly owned subsidiary, Rental Car Finance (RCF), in the issuance and sale of $200 million aggregate principal amount of rental car asset backed variable funding notes due 2012 to Deutsche Bank, New York Branch, as managing agent on behalf of an affiliated commercial paper conduit and certain other affiliates that will provide funding of amounts outstanding under the notes from time to time. The transaction became effective as of April 8, and RCF’s initial drawing under the notes closed on April 9.

The notes are secured by, among other things, certain collateral owned by RCF, including a segregated group of rental vehicles, manufacturer receivables relating to certain eligible vehicle disposition programs and certain collection and cash accounts.

Dollar Thrifty Automotive Group is headquartered in Tulsa, Oklahoma and has two value rental car brands, Dollar Rent A Car and Thrifty Car Rental, which serve value-conscious travelers in over 80 countries.