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TULSA, Okla. — Dollar Thrifty Automotive Group announced a $200 million financing transaction on Friday to finance more fleet vehicles. The company's chief executive officer highlighted that DTAG can again access the capital markets at competitive rates.

Explaining the financing in more detail, the company said its Rental Car Finance Corp. subsidiary issued $200 million of Rental Car Asset Backed Variable Funding Notes, Series 2010-1.

These are due in September 2012. Scheduled amortization payments will begin April 2012 and run through September of that year.

Domino Bond Rating Service Inc. rated the notes AA. The notes have an advance rate of roughly 65 percent.

Officials explained that the notes bear interest at a spread of 275 basis points above the purchasing conduit's weighted average commercial paper rate. Also, the transaction included no upfront fees.

"We are very pleased with this financing transaction as it provides the company with appropriate capacity for expected fleet purchases at a rate below those payable on our existing medium term notes," stated Scott Thompson, president and CEO.

"It also confirms that the company is again able to access vehicle financing at competitive rates and enhancement levels and highlights our plan to lower the overall interest carry cost of our fleet consistent with our focus on return on assets," he added.

Additionally, Dollar Thrifty said that it has repaid $200 million of its Series 2005-1 Notes (as of March 31) and will amortize the remaining $200 million outstanding on that series through June.

The next fleet debt maturity on tap for Dollar Thrifty starts in December. At that time, $600 million of its Series 2006-1 notes will start amortizing. This will run over a six-month time frame that ends in May.

Dollar Thrifty said there won't be any significant corporate debt maturities until June 2013. Its existing Senior Secured Term Loan will be due at that point.