Avis Budget extends term of revolving credit facility to 2021

By Wendy Van Sickle

Columbus, Ohio, Oct. 12 – Avis Budget Group, Inc. and its subsidiaries entered into an amendment on Friday to their credit agreement with JPMorgan Chase Bank, NA as administrative agent, extending the term of the revolving credit facility to Oct. 7, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The amended credit agreement also contains revised affirmative covenants, financial and other negative covenants, the filing noted.

Other terms of the credit agreement remain unchanged. The revolver continues to bear interest at Libor plus a margin ranging from 175 basis points to 225 bps, depending on ratings, and its commitment fee continues to range from 30 bps to 40 bps.

JPMorgan, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint lead arrangers and bookrunners.

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

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