Avis Budget ups revolver to $1.7 billion, extends to 2018; pricing cut

By Susanna Moon

Chicago, Aug. 5 - Avis Budget Group, Inc. said wholly owned subsidiary Avis Budget Car Rental, LLC amended its corporate revolving credit facility, extending the maturity date to 2018.

The company also upsized the borrowing limits to $1.65 billion and reduced pricing by 75 basis points, according to a press release.

As a result, Avis said it expects to generate more than $5 million of annual interest expense savings.

In addition, the new loan terms and conditions will provide the company with more financial flexibility to pursue its strategic objectives, the company said.

Avis is a Parsippany, N.J.-based provider of vehicle rental services.

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