Subsequent Events

3 Months Ended

Mar. 31, 2015

In April 2015, the Company used proceeds from its issuance of $375 million 5¼% Senior Notes due 2025 to redeem the remaining $223 million principal amount of its 9¾% Senior Notes due 2020 and to finance a portion of its acquisition of Maggiore Group. In connection with this redemption, the Company expects to record debt extinguishment costs of approximately $23 million.

In April 2015, the Company completed the acquisition of Maggiore Group, a leading provider of vehicle rental services in Italy, for approximately $160 million, net of acquired cash and short-term investments.


	In April 2015, the Company amended its European fleet securitization program to extend its maturity, lower its cost and increase its capacity to €1.0 billion.