Avis Secures Financing for Possible Dollar Thrifty Offer

Avis Budget Group amended a credit facility to secure financing for a potential offer for Dollar Thrifty Automotive Group, according to Reuters.

Although Dollar Thrifty has already signed a merger agreement with Hertz Global Holdings, Avis has expressed interest in making a "substantially higher bid" for the company. It has yet to make an offer, however.

Avis amended its JPMorgan-led facility to revise definition of consolidated EBITDA and exceptions that would permit first-lien and second-lien secured debt. That would help finance a possible acquisition of Dollar Thrifty.

Banking sources had earlier told Reuters that Avis was amending its JPMorgan-led credit facility and was seeking to increase the maximum amount of first-lien senior secured debt to $2 billion from $1.5 billion.

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