Avis Budget readies launch of $375 million term loan B for Friday

By Sara Rosenberg

New York, March 1 - Avis Budget Car Rental LLC is set to hold a lender call at 11 a.m. ET on Friday to launch a proposed $375 million seven-year term loan B, according to market sources.

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

Price talk on the term loan B is Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99, sources said.

Proceeds will be used to refinance existing debt.

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

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