Avis Budget Group extends $825 million of term loan B to 2022

By Sara Rosenberg

New York, May 18 – Avis Budget Group Inc. extended $825 million of its $968 million term loan B to March 2022 from March 2019, according to a market source.

The extended term loan is priced 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 term loan is 101 soft call protection for six months.

The remaining non-extended $143 million term loan B continues to be priced at Libor plus 225 bps with a 0.75% Libor floor.

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

Allocations went out on Tuesday.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.