Avis Budget firms $1.14 billion term loan B at discount of 99.75

By Sara Rosenberg

New York, Feb. 9 – Avis Budget Group Inc. set the original issue discount on its $1,139,000,000 seven-year term loan B at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the loan is Libor plus 200 basis points with a 0% Libor floor.

The term loan has 101 soft call protection for six months.

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

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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