Avis launches $200 million add-on term loan C at discount of 981/2-99

By Sara Rosenberg

New York, Aug. 6 - Avis Budget Car Rental LLC held a lender call at 2 p.m. ET on Monday to launch a $200 million add-on to its term loan C due 2019 that is talked at an original issue discount of 98½ to 99, according to a market source.

J.P. Morgan Securities LLC, Barclays, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are the lead banks on the deal.

Pricing on the add-on is Libor plus 325 basis points with a 1% Libor floor, in line with existing term loan C pricing, the source said.

Proceeds will be used to refinance the company's existing term loan B due 2018 that is priced at Libor plus 500 bps with a 1.25% Libor floor.

As of March 31, there was $264 million outstanding under the term loan B.

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

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