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Avis term loan size expected at $875 million
By Sara Rosenberg
New York, March 14 - Avis Group Holdings Inc.'s credit facility is expected to contain a six-year term loan sized at $875 million - not the $775 million to $800 million size that the market had previously heard, according to an 8-K filed with the Securities and Exchange Commission Tuesday.
The $2.375 billion credit facility will also include a $1.5 billion five-year revolver.
JPMorgan and Deutsche Bank are the lead banks on the deal that is scheduled to launch with a bank meeting on Thursday, with JPMorgan the left lead.
Proceeds from the credit facility, along with $1 billion in senior unsecured notes, 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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