Avis launches add-on term loan, then upsizes to $250 million

By Sara Rosenberg

New York, March 23 – Avis Budget Group Inc. launched on Wednesday a fungible $150 million add-on term loan C and then increased the add-on size to $250 million later in the day, according to a market source.

Also, the add-on term loan was launched with an original issue discount of 97 to 97.5, and the discount finalized in the afternoon at 97.5, the source said.

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 were scheduled to be due at 3 p.m. ET on Wednesday, after being accelerated from 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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