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.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Another Ridiculous “Used Fleet Vehicle” Scandal

While media reports concentrate on the sting and the “outrage,” where’s the empirical evidence that fleet vehicles are less mechanically sound than vehicles sold from private owners?

Will IoT Herald a New Era in Fleet Efficiency?

With the ELD rule finally in effect, small fleet operators need to hunt for new efficiencies. In transportation logistics, Internet of Things (IoT) systems could have similar lasting impacts as telematics.

Will Cars Become Transportation Appliances?

The cars are still the stars, but this year’s L.A. Auto Show revealed an auto industry at a crossroads.

Job Finder: Access Top Talent. Fill Key Positions.

>