EXHIBIT 99.1
[LOGO ANC RENTAL CORPORATION]
FINANCIAL CONTACT: KATHI HYLE
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
954-320-6267
[email protected]
MEDIA CONTACT: CHERYL BUDD
SENIOR VICE PRESIDENT
CORPORATE COMMUNICATIONS
954-320-4025
[email protected]
FOR IMMEDIATE RELEASE
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ANC RENTAL CORPORATION WILL NOT PURSUE PREVIOUSLY-ANNOUNCED
RE-FINANCING TRANSACTION
FORT LAUDERDALE, FLORIDA (DECEMBER 06, 2000) - ANC Rental
Corporation (Nasdaq: ANCX) will not pursue its previously-announced
refinancing transaction for $400 million of senior secured credit
facilities. The purpose of the facilities was to re-finance ANC's $225
million interim loan, which matures in June 2001, and its $175 million
revolving credit facility, which matures in June 2003. Due to current
conditions in the bank loan market, the terms of the previously-announced
facilities would have been less favorable than anticipated. The Company
will continue to evaluate a variety of re-financing alternatives.
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 and National has more than 4,000 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 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.
