Avis Budget Group Inc. announced Dec. 23 that it has received commitments to renew its $1.45 billion principal asset-backed bank conduit facility and its $1 billion seasonal conduit facility, which are used to finance cars for its rental fleet. The commitments provide for a reallocation of $100 million from the principal conduit facility to the seasonal conduit facility.
The principal conduit facility will be extended through Dec. 22, 2009, and the seasonal conduit facility will have a final maturity in November 2009 following 25 percent reductions in borrowing capacity in each of September and October. The initial borrowing spreads for these annually renewing facilities are unchanged from the levels established in connection with the extension of the principal conduit facility in October. The commitments are subject to customary conditions, principally satisfactory documentation, and the company expects that the renewal of the conduit facilities will become effective before the end of the year.











