Avis Budget Group announced Oct. 18 that its Avis Budget Rental Car Funding LLC subsidiary has renewed its U.S. asset-backed bank conduit facility, expanding its borrowing capacity by $450 million to $2.5 billion.
The date until which the company may borrow under the entire facility has been extended to October 2013.
"We are pleased to have successfully renewed our bank conduit facility at a higher advance rate and to have extended its term to late 2013," said David B. Wyshner, Avis Budget Group senior executive vice president and chief financial officer. "The renewed facility provides us increased capacity to fund our anticipated domestic rental car fleet needs, and we appreciate the confidence our banking partners have shown in us."
J.P. Morgan and Deutsche Bank served as lead arrangers for the facility, which has ten participating lenders.