Avis Budget Group Expands Principal U.S. Asset-Backed Bank Conduit Facility

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.

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

Auto Manufacturers: Mobility Disruptors or Fleet Providers?

Maven’s Alex Keros shares insights into evolving smart mobility business models and new opportunities with fleet management.

What is Your Time Worth?

Personal observations of retail and travel transactions reveal just how much a consumer’s time is worth today, and how increasingly intolerant we are of inefficient transactions.

Safeguarding Your Business with Brokers

While the high-profile bankruptcy of Atlas Choice has left many car rental companies wary of working with brokers, rental companies can take steps to protect themselves and ensure a productive relationship.

Job Finder: Access Top Talent. Fill Key Positions.

>