Avis Budget lifts revolver to $1.95 billion, extends to 2026, makes covenant changes

By Wendy Van Sickle

Columbus, Ohio, July 13 – Avis Budget Group, Inc. and its subsidiaries, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC, increased the amount available under its revolving credit facility with JPMorgan Chase Bank, NA as administrative agent by $150 million to $1.95 billion on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The increase was effected via a sixth amendment and restatement of the credit agreement, which also extended the maturity to 2026, removed a liquidity covenant added in April of 2020 and set the consolidated first-lien leverage ratio at a maximum of 3 times.

JPMorgan Chase, Citibank, NA, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding are the joint lead arrangers and bookrunners.

Avis is a Parsippany, N.J.-based vehicle rental company.

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