ANC Rental Corporation Announces an Underwriting Agreement for Interim Loan Refinancing.Business Editors/Automotive Writers FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Oct. 31, 2000 ANC ANC abbr. African National Congress ANC African National Congress: South African political movement instrumental in bringing an end to apartheid ANC n abbr (= Rental Corporation (Nasdaq:ANCX) announced that it has entered into an underwriting agreement Underwriting agreement The contract between a corporation issuing new publicly offered securities and the managing underwriter as agent for the underwriting group. Compare to agreement among underwriters. with Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Inc. for $400 million of senior secured credit facilities, consisting of a combination of a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. 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 Alamo Eighteenth-century mission in San Antonio, Texas, site of a historic siege of a small group of Texans by a Mexican army (1836) during the Texas war for independence from Mexico. , 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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