AVIS BUDGET GROUP, INC. (CAR): debt financing — Avis Budget refinances $1.149B term loans with repriced facility due 2032

AVIS BUDGET GROUP, INC.

New Tranche B Term Loans of $1,148,864,850 to repay existing tranche B term loans outstanding.
New loans mature July 16, 2032; interest at SOFR + 2.50% or base rate + 1.50% per annum.
1.00% premium applies on any prepayment due to repricing within 6 months of closing.
JPMorgan Chase Bank, N.A. acts as Administrative Agent; several banks as joint lead arrangers.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AVIS BUDGET GROUP, INC. amended credit facility of $1,148,846,850 with JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto at secure overnight financing rate plus a margin of 2.50% per annum or an alternate maturing July 16, 2032.

Instrument: credit facility
Principal: $1,148,846,850
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto
Rate: secure overnight financing rate plus a margin of 2.50% per annum or an alternate
Maturity: July 16, 2032
Event: amendment

Exact text from the filing

Agreement”). On the Closing Date, pursuant to the Tenth Amendment, the Borrower refinanced the existing tranche B term loans under the Sixth A&R Credit Agreement (of which $1,148,846,850 was outstanding immediately prior to the Closing Date) with repriced $1,148,846,850 tranche B term loans (the “New Tranche B Term Loans”). The New Tranche B Term Loans will mature

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Source: SEC EDGAR

accession 0000950142-25-001969

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