Avis Budget Group Announces Completion of Multi-Country European Fleet Facility

Avis Budget Group Inc. announced on Oct. 21 that it has completed a €350 million European variable fleet financing facility maturing in October 2013.

This financing has been executed in conjunction with the company's recently completed acquisition of Avis Europe plc and represents an initial step toward increasing use of vehicle-backed debt to finance its European fleet.

"This facility will provide significant additional liquidity in Germany, Italy and Spain on attractive terms," said David B. Wyshner, Avis Budget Group senior executive vice president and global chief financial officer. "The facility can be expanded to include additional European jurisdictions and reflects the strength of our bank relationships and the quality of our assets."

Credit Agricole Corporate & Investment Bank served as lead arranger of the facility.

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

Autonomous Vehicles and the Changing Role of the Fleet Manager

With fewer drivers and substantially longer fleet lifecycles, fleet managers will pivot to new job functions.

2017: Fleet Mix Will Be Paramount

Car rental companies are migrating to vehicle segments with better residual values, though not without bumps in the road.

Auto Rental Summit: Five Trend Lines

Taking in the seminars, discussions, and networking at the 2016 Auto Rental Summit, trend lines emerged around shifts in model mix, data protection issues, increasing labor costs, workforce engagement, and new platforms to rent cars.

Job Finder: Access Top Talent. Fill Key Positions.