Avis Budget finalizes $540 million term loan issue price at par

By Sara Rosenberg

New York, Dec. 1 – Avis Budget Group Inc. firmed the issue price on its roughly $540 million term loan C due March 2029 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at SOFR+10 basis points CSA plus 300 bps with a 0.5% floor.

The term loan still has 101 soft call protection for six months.

JPMorgan Chase Bank is the left lead on the deal and the administrative agent.

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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