Avis Budget gets waiver of leverage covenant under existing loans

By Sarah Lizee

Olympia, Wash., April 27 – Avis Budget Group, Inc. obtained a waiver of the leverage covenant included in its existing senior credit facilities, comprised of a term loan and revolver, until June 30, 2021.

The waiver is included in an amendment to the credit facilities, which allows the company to incur an additional $750 million of first-lien debt, according to a press release.

Avis is a Parsippany, N.J.-based vehicle rental company.

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