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Avis Budget sets spread on $1 billion term loan at Libor plus 225 bps
By Sara Rosenberg
New York, May 23 - Avis Budget Car Rental LLC finalized pricing on its $1 billion term loan (BB) due 2019 at Libor plus 225 basis points, the tight end of the Libor plus 225 bps to 250 bps talk, according to a market source.
The loan still has a 0.75% Libor floor, a par offer price and 101 soft call protection for six months.
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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