Avis amends loan to provide flexibility for Dollar Thrifty purchase

By Sara Rosenberg

New York, July 27 - Avis Budget Car Rental LLC amended its credit facility to support a potential offer by the company for Dollar Thrifty Automotive Group Inc., according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The amendment permits first- and second-lien debt to fund the potential acquisition of Dollar Thrifty.

In addition, the amendment provides for an exception to the investment covenant to permit the acquisition of Dollar Thrifty and revises the definition of consolidated EBITDA.

The amendment was completed on July 21, but most of the terms will not become effective until a the Dollar Thrift transaction closes.

JPMorgan is the administrative agent on the deal.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.