8-K 1 form8k06152007.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

June 18, 2007

Date of Report (Date of earliest event reported)

 

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

1-13647

73-1356520

(State or other jurisdiction of

(Commission

(I.R.S. Employer

incorporation)

File Number)

Identification No.)

 

 

5330 East 31st Street, Tulsa, Oklahoma 74135

(Address of principal executive offices and zip code)

 

Registrant’s telephone number, including area code: (918) 660-7700

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

(17 CFR 240.14d-2(b))

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

 

CFR 240.13e-4(c))

 

 

 

ITEM 8.01

OTHER EVENTS

 

On June 18, 2007, Dollar Thrifty Automotive Group, Inc. (the “Company”), a Delaware corporation, issued a press release announcing that the Company completed $600 million in new senior secured credit facilities (“Senior Secured Credit Facilities”) to refinance its existing $300 million revolving credit facility, pay related fees and expenses, reduce vehicle debt and use for general corporate purposes. The Senior Secured Credit Facilities include a $350 million revolving credit facility (the “Revolving Credit Facility”) and a $250 million term loan B (the “Term Loan”). The Revolving Credit Facility will be used to provide working capital borrowings and letters of credit. The Term Loan, which was funded at the closing of the transaction, will be used to repay asset backed debt, thereby providing additional enhancement to the Company’s vehicle financing facilities.

 

The financial impact on 2007 earnings of entering into the Senior Secured Credit Facilities is estimated to be $0.11 per diluted share based on higher interest costs of the new debt relative to the asset backed debt repaid, expensing unamortized deferred financing fees from the retired revolver and certain other fees. The financial impact of the Senior Secured Credit Facilities was not included in the Company’s 2007 non-GAAP earnings per diluted share guidance range of $2.50 to $2.90 provided on April 26, 2007.

 

A copy of the press release regarding the Company’s completion of $600 million in new Senior Secured Credit Facilities is attached hereto as Exhibit 99.39.

 

 

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

 

(c)

Exhibits

 

Exhibit No.

Description

 

99.39

Press release announcing Dollar Thrifty Automotive Group, Inc. completes $600 million in new Senior Secured Credit Facilities issued by Dollar Thrifty Automotive Group, Inc. on June 18, 2007

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.

 

(Registrant)

 

 

June 18, 2007

By:

/s/ STEVEN B. HILDEBRAND

 

Steven B. Hildebrand

 

Senior Executive Vice President, Chief Financial

 

Officer, Principal Financial Officer and Principal

 

Accounting Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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INDEX TO EXHIBITS

 

 

Exhibit No.

Description

 

 

99.39

Press release announcing Dollar Thrifty Automotive Group, Inc. completes $600 million in new Senior Secured Credit Facilities issued by Dollar Thrifty Automotive Group, Inc. on June 18, 2007

 

 

 

 

 

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