Cleary Gottlieb represented Dollar Thrifty Automotive Group (“DTAG”) and its wholly owned subsidiary, DTG Operations, in the completion of a new five-year $450 million secured letter of credit and revolving credit facility with Bank of America acting as administrative agent, swing line lender and an L/C issuer, JPMorgan Chase Bank as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith and J.P. Morgan Securities as joint lead arrangers and joint book managers. As part of the transaction, all of DTAG’s existing enhancement letters of credit relating to its asset-backed securitization facilities were replaced with new enhancement letters of credit. The transaction closed on February 16.
DTAG 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.