Avis Budget lifts availability under credit agreement to $2.65 million

By Toni Weeks

San Luis Obispo, Calif., Feb. 20 - Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC amended their credit agreement with administrative agent JPMorgan Chase Bank, NA on Feb. 15 to lift the amount available to $2.65 million from $400 million, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The amendment also provided some exceptions for the issuance of indebtedness by foreign subsidiaries of Avis Budget Car Rental.

J.P. Morgan Securities LLC is the arranger and bookrunner for the credit agreement. Deutsche Bank Securities Inc. is the syndication agent. Bank of America, NA, Barclays Bank plc, Citicorp USA, Inc., Credit Agricole Corporate and Investment Bank and Royal Bank of Scotland plc are the co-documentation agents.

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

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