Avis launches $150 million add-on term loan at 97-97.5 OID

By Sara Rosenberg

New York, March 23 – Avis Budget Group Inc. launched on Wednesday a fungible $150 million add-on term loan C that is talked with an original issue discount of 97 to 97.5, according to a market source.

Pricing on the add-on term loan is SOFR+10 basis points CSA plus 350 bps with a 0.5% floor.

JPMorgan Chase Bank, Barclays, BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, Morgan Stanley Senior Funding Inc., RBC Capital Markets, Bank of Nova Scotia and Truist are the leads on the deal.

Commitments are due at 1 p.m. ET on Thursday, 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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