Avis $2.3 billion credit facility to launch Thursday

By Sara Rosenberg

New York, March 13 - Avis Group Holdings Inc. is scheduled to hold a bank meeting on Thursday to launch its proposed about $2.3 billion credit facility, according to a market source.

JPMorgan and Deutsche Bank are the lead banks on the deal, with JPMorgan the left lead.

The facility consists of a $1.5 billion revolver and a $775 million to $800 million term loan, the source said, adding that price talk is not yet available.

Proceeds will be used to help fund Avis' spin-off from Cendant Corp.

Avis is a Parsippany, N.J., general-use car rental operator.

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