Avis sets original issue discount on $200 million term loan C at 99

By Sara Rosenberg

New York, Aug. 8 - Avis Budget Car Rental LLC firmed the original issue discount on its $200 million add-on to its term loan C due 2019 at 99, the tight end of the 98½ to 99 talk, according to a market source.

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

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

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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