Avis Budget shops $1.14 billion term loan B at Libor plus 200 bps

By Sara Rosenberg

New York, Feb. 6 – Avis Budget Group Inc. is in market with a $1,139,000,000 seven-year term loan B that is talked at Libor plus 200 basis points with a 0% Libor floor and an original issue discount of 99.5 to 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal that launched with a call on Monday.

Commitments are due at noon ET Friday, the source added.

Proceeds will be used to amend and extend an existing term loan due March 2022.

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

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