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Subsequent Events
9 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

In October 2014, the Company’s 3½% Convertible Senior Notes due 2014 were exchanged for 4,019,009 shares of the Companys common stock at the initial conversion rate of 61.5385 shares of common stock per $1,000 principal amount, which is equal to a conversion price of approximately $16.25 per share.

In October 2014, the Company amended and restated its senior revolving credit facility due 2018. Pursuant to this amendment, the amount available under the facility was increased from $1.65 billion to $1.8 billion and the maturity was extended.

In October 2014, the Company obtained Board approval to increase the Company’s share repurchase program by $200 million.

In October 2014, the Company announced that it had entered into a definitive agreement to acquire its Budget licensee for Southern California and Las Vegas. The acquisition is scheduled to close in the fourth quarter of 2014, and the purchase price will be approximately $210 million plus the cost of acquired fleet.