Avis Budget amends credit agreement to lower pricing, extend term B

By Sarah Lizee

Olympia, Wash., Feb. 7 – Avis Budget Group, Inc. and subsidiaries Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC amended their credit agreement with JPMorgan Chase Bank, NA as administrative agent on Thursday, lowering pricing by 25 basis points to Libor plus 175 bps, according to an 8-K filing with the Securities and Exchange Commission.

Also, the tranche B term loans were extended to Aug. 6, 2027 from Feb. 13, 2025.

No other substantive changes were made to the credit agreement.

In connection with the amendment, the company plans to redeem $100 million of Avis Budget Car Rental and Avis Budget Finance, Inc.’s 5½% senior notes due 2023 on April 1.

At amendment close, the amount of tranche B term loans outstanding was $1.2 billion.

Avis is a Parsippany, N.J.-based vehicle rental company.

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