Avis Budget Group obtained a waiver of the leverage covenant included in its existing senior credit facilities, comprising a term loan and revolving credit facility, until June 30, 2021.
According to a related 8K filed with the SEC, the revolving credit facility is for $1.8 billion and the term loan is for $1.2 billion, with J.P. Morgan Chase Bank serving as administrative agent for the facilities.
The waiver is included in an amendment to the credit facilities, which allows the company to incur an additional $750 million of first lien debt.
Avis Budget Group is a provider of car rental and other mobility solutions, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is a car sharing network with more than one million members.
