Budget Group Secures Asset-Backed Fleet Funding

Apr 04, 2001, 01:00 ET from Budget Group, Inc.

    LISLE, Ill., April 4 /PRNewswire/ -- Budget Group, Inc., (NYSE:   BD)
 announced today that the Company has secured a $350 million asset-backed
 financing facility to finance the acquisition of vehicles during its peak
 rental season.
     Securing the financing line is another milestone in the Company's multi-
 step financing plan to fund its fleet needs for 2001 and beyond.  Earlier this
 year, the Company received an amendment to its revolving credit facility used
 to provide credit enhancement to its fleet financings, restoring availability
 up to $550 million.  The Company is currently undertaking a placement of
 $400 million of asset-backed medium term notes which is likely to be completed
 mid-April.  These and other fleet financings will replace debt that matures
 over the next 10 months.
     The Company also recently completed the sale of its Birmingham and
 Manchester, England locations to a Budget franchisee and has refranchised
 nearly all of its corporate French locations.  When the transactions close in
 April and May, this will transform France into a ninety percent franchised
 operation.
     Budget Group, Inc. owns Budget Rent a Car Corporation and Ryder TRS, Inc.
 Budget is the world's third largest car and truck rental system and Ryder TRS
 is the nation's second largest consumer truck rental company.  For more
 information, visit the Company's Web site at www.budget.com .
     Statements made in this press release that are not historical in nature
 may include 'forward-looking statements' within the meaning of the federal
 securities laws. It is important to note that these statements may involve a
 number of risks, uncertainties and other factors, including requirements to
 secure other additional financings that could cause Budget Group, Inc.'s
 actual results to differ materially from such forward-looking statements.
 Additional information is contained in the Company's Annual Report on Form 10-
 K for the year ended December 31, 2000 and other documents filed by the
 Company with the SEC, all of which are available from the SEC.
 
 

SOURCE Budget Group, Inc.
    LISLE, Ill., April 4 /PRNewswire/ -- Budget Group, Inc., (NYSE:   BD)
 announced today that the Company has secured a $350 million asset-backed
 financing facility to finance the acquisition of vehicles during its peak
 rental season.
     Securing the financing line is another milestone in the Company's multi-
 step financing plan to fund its fleet needs for 2001 and beyond.  Earlier this
 year, the Company received an amendment to its revolving credit facility used
 to provide credit enhancement to its fleet financings, restoring availability
 up to $550 million.  The Company is currently undertaking a placement of
 $400 million of asset-backed medium term notes which is likely to be completed
 mid-April.  These and other fleet financings will replace debt that matures
 over the next 10 months.
     The Company also recently completed the sale of its Birmingham and
 Manchester, England locations to a Budget franchisee and has refranchised
 nearly all of its corporate French locations.  When the transactions close in
 April and May, this will transform France into a ninety percent franchised
 operation.
     Budget Group, Inc. owns Budget Rent a Car Corporation and Ryder TRS, Inc.
 Budget is the world's third largest car and truck rental system and Ryder TRS
 is the nation's second largest consumer truck rental company.  For more
 information, visit the Company's Web site at www.budget.com .
     Statements made in this press release that are not historical in nature
 may include 'forward-looking statements' within the meaning of the federal
 securities laws. It is important to note that these statements may involve a
 number of risks, uncertainties and other factors, including requirements to
 secure other additional financings that could cause Budget Group, Inc.'s
 actual results to differ materially from such forward-looking statements.
 Additional information is contained in the Company's Annual Report on Form 10-
 K for the year ended December 31, 2000 and other documents filed by the
 Company with the SEC, all of which are available from the SEC.
 
 SOURCE  Budget Group, Inc.

RELATED LINKS

http://www.budgetrentacar.com