Avis Budget Group Announces Leverage Covenant Waiver Under Existing Credit Facility
April 27 2020 - 3:27PM
Avis Budget Group, Inc. (
NASDAQ: CAR) today
announced that the Company has obtained a waiver of the leverage
covenant included in its existing senior credit facilities,
comprised of a term loan and revolving credit facility, until June
30, 2021. 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.
For additional information regarding the amendment, see the
Company’s Current Report on Form 8-K to be filed with the
Securities and Exchange Commission on the date hereof.
About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of 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 the world's
leading car sharing network with more than one million members.
Avis Budget Group operates most of its car rental offices in North
America, Europe and Australasia directly, and operates primarily
through licensees in other parts of the world. Avis Budget Group is
headquartered in Parsippany, N.J. More information is available at
avisbudgetgroup.com.
ContactDavid
CalabriaIR@avisbudget.comPR@avisbudget.com
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