---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-23-002963"
form_type: "8-K"
ticker: "CAR"
cik: "0000723612"
company_name: "AVIS BUDGET GROUP, INC."
filed_at: "2023-12-14T23:59:59+00:00"
generated_at: "2026-06-07T13:10:51.328319+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Avis Budget refinances $538.75M term loans, repays $200M of existing debt

## Summary
- Refinanced $538.75M of Tranche C term loans, replacing ~$738.75M outstanding, with a $200M optional prepayment.
- New Tranche C loans mature March 16, 2029; interest rate at SOFR (floor 0.50%) + 3.00% margin or base rate (floor 1.50%) + 2.00% margin.
- Prepayment premium of 1% applies to any repricing transactions within six months of closing.
- Transaction executed via Sixth Amendment to the existing credit agreement with JPMorgan as administrative agent.

## SEC filing metadata
- accession: 0000950142-23-002963
- form_type: 8-K
- ticker: CAR
- cik: 0000723612
- company_name: AVIS BUDGET GROUP, INC.
- filed_at: 2023-12-14T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723612/000095014223002963/0000950142-23-002963-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723612/000095014223002963/eh230429453_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-23-002963
- JSON: https://secwatch.observer/filing/0000950142-23-002963.json
- Plain text: https://secwatch.observer/filing/0000950142-23-002963.txt

## Key facts
- Debt Financings
  AVIS BUDGET GROUP, INC. amended credit facility of $538,750,000 with JPMorgan Chase Bank, N.A., as Administrative Agent at SOFR plus 3.00% per annum maturing March 16, 2029.
  - Instrument: credit facility
  - Principal: $538,750,000
  - Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent
  - Rate: SOFR plus 3.00% per annum
  - Maturity: March 16, 2029
  - Event: amendment
  source text: ABCR refinanced the existing tranche C term loans (the “Existing Tranche C Term Loans”) under the Sixth A&R Credit Agreement ( of which approximately $738,750,000 was outstanding immediately prior to the Closing Date) with repriced $538,750,000 tranche C term loans (the “New Tranche C Term Loans”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002963/0000950142-23-002963-index.htm
- Material Agreements
  AVIS BUDGET GROUP, INC. amended Sixth Amendment with JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto valued at $538,750,000 (effective 2023-12-08).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto
  - Value: $538,750,000
  - Effective: 2023-12-08
  source text: On December 8, 2023 (the “Closing Date”), Avis Budget Group, Inc. and its subsidiaries, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC (“ABCR”), as the Borrower (collectively, the “Avis Parties”), entered into the Sixth Amendment (the “Sixth Amendment”) to the Sixth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto (the “Sixth A&R Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002963/0000950142-23-002963-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.