Avis Budget launches amend and extend of $968 million term loan B

By Sara Rosenberg

New York, May 10 – Avis Budget Group Inc. held a lender call on Tuesday to launch an amendment and extension of its roughly $968 million term loan B to March 2022 from March 2019, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The extended term loan is talked at Libor plus 250 basis points with a 0.75% Libor floor and an original issue discount of 99.75, the source said.

Included in the extended loan is 101 soft call protection for six months.

By comparison, current pricing on the 2019 term loan B is Libor plus 225 bps with a 0.75% Libor floor.

Commitments are due on Monday, the source added.

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

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