Avis Budget extends leverage ratio in amended agreement via JPMorgan

By Susanna Moon

Chicago, Aug. 25 – Avis Budget Group Inc. extended its leverage ratio under its amended loan terms until September 2018.

Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC amended its credit agreement dated Oct. 7, 2016 with JPMorgan Chase Bank, NA as administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The required leverage ratio is 4.75 times for the quarter ended Sept. 30, 2016, stepping down to 4.5 times for the quarter ending Sept. 30, 2018, to 4.25 times for the quarter ending Sept. 30, 2019 and to 4 times for the quarter ending Sept. 30, 2020.

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

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