Avis Budget launches $1 billion term loan at Libor plus 225-250 bps

By Sara Rosenberg

New York, May 17 - Avis Budget Car Rental LLC held a call at 2 p.m. ET on Friday to launch a $1 billion term loan due 2019 that is talked at Libor plus 225 basis points to 250 bps with a 0.75% Libor floor and a par offer price, according to a market source.

The loan has 101 soft call protection for six months, the source said.

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

Proceeds will be used to refinance an existing term loan due 2019.

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

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