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.