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TULSA, Okla. — In a move that officials say will help the company shore up its leasing capacity, Dollar Thrifty Automotive Group revealed Friday that its Rental Car Finance Corp. subsidiary completed a round of asset-backed financing that, once completely funded, will provide $300 million in additional fleet financing.

Specifically, the subsidiary completed a private placement of Rental Car Asset Backed Variable Funding Notes, Series 2010-2, whose revolving period ends in June 2013. Scheduled amortization payments will be due from over a six-month time frame that begins July 2013 and wraps up that December.

Officials said the notes, when drawn, will bear interest at a spread of 375 basis points about the one-month LIBOR rate.

The advance rate on the notes is roughly 65 percent.

"We have added $500 million of vehicle financing capacity during the first six months of 2010, demonstrating our ability to access the markets at competitive interest rates and enhancement levels," stated Scott Thompson, president and chief executive officer.

"This transaction provides the company with additional long-term fleet financing capacity well in advance of our next scheduled fleet debt maturity, at a rate that is below the effective fixed rates of interest paid in respect of our existing medium term notes," he added.

The company's next scheduled fleet debt maturity starts in December. At that time, $600 million of its Series 2006-1 notes will start amortizing over a six-month period that culminates in May.

The company will not have a significant scheduled corporate debt maturity until June 2013.  At that point, borrowings under its existing Senior Secured Credit Facility will be due and the facility will end.

"Subject to market conditions, we expect to complete an additional $300 million of fleet financing during the fourth quarter of 2010, which will, when combined with the availability under the new Series 2010-2 notes, provide adequate replacement financing for the Series 2006-1 notes," Thompson shared.

Officials added: "The Series 2010-2 notes have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements."