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Avis Budget launches $540 million term loan at SOFR plus 300 bps
By Sara Rosenberg
New York, Nov. 27 – Avis Budget Group Inc. held a lender call at 11 a.m. ET on Monday to launch a roughly $540 million term loan C due March 2029 that is talked at SOFR+10 basis points CSA plus 300 bps with a 0.5% floor and an original issue discount of 99.75 to par, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
JPMorgan Chase Bank is the lead on the deal.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to reprice from SOFR+10 bps CSA plus 350 bps with a 0.5% floor an existing roughly $740 million term loan C, of which $200 million is being paid down.
Avis is a Parsippany, N.J.-based provider of vehicle rental services.
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