Avis ups spread on $500 million term loan to SOFR plus 350 bps

By Sara Rosenberg

New York, March 15 – Avis Budget Group Inc. increased pricing on its $500 million seven-year term loan C (Ba1/BB+) to SOFR+CSA plus 350 basis points from talk in the range of 275 bps to 300 bps, according to a market source.

Also, the Libor floor on the term loan was changed to 0.5% from 0% and the original issue discount widened to 97 from 98.5, the source said.

The term loan still has 101 soft call protection for six months and CSA of 10 bps.

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

Commitments were scheduled to be due at 10:45 a.m. ET on Tuesday, 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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