Avis launches $500 million term loan at SOFR plus 275-300 bps

By Sara Rosenberg

New York, March 7 – Avis Budget Group Inc. held a lender call at 11 a.m. ET on Monday to launch a $500 million seven-year term loan C that is talked at SOFR+10 basis points CSA plus 275 bps to 300 bps with a 0% floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank, Barclays, BNP Paribas Securities Corp., Credit Agricole, Bank of Nova Scotia and Truist are the leads on the deal.

Commitments are due at the end of the day on March 14, the source added.

Proceeds will be used for general corporate purposes.

Avis is a Parsippany, N.J.-based provider of vehicle rental services.

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