FYI: Business
BY Staff and Wire Reports
Thursday, October 11, 2012
10/11/12 at 2:13 AM
Hertz arranges financing for Dollar Thrifty buyout
Hertz Global Holdings Inc. said in a regulatory filing that it has arranged for $750 million in term loans to help fund its proposed acquisition of Tulsa-based Dollar Thrifty Automotive Group.
Hertz also is issuing $1.2 billion of debt to put together its permanent financing for the deal.
Park Ridge, N.J.-based Hertz said in the filing that it expects the Federal Trade Commission to vote on preliminary antitrust approval of the deal by Oct. 31.
In August, Hertz announced a $2.6 billion deal to purchase Dollar Thrifty. The company made a bid in 2010 of about $1.2 billion, but it was rejected by shareholders.
Dollar Thrifty employs 870 people in Tulsa.
CVR refinery turnaround termed behind schedule
CVR Energy's planned work at its Wynnewood refinery is behind schedule and will last longer than initially planned, two people with knowledge of the situation said.
The turnaround at the south-central Oklahoma facility will probably be extended about a week, one of the sources said. The other person said the work was at least four days behind schedule.
A spokeswoman for Sugar Land, Texas-based CVR Energy Inc. did not respond to an email seeking comment from Bloomberg News.
CVR said Sept. 30 it started an investigation into the cause of a boiler explosion at the plant that killed a worker and critically injured another Sept. 28.
