Budget Group said that its lender group has approved an amendment to the company's revolving credit facility maturing in 2003, which restores availability up to $550 million.

Budget Group will also exercise its option, causing a deferral of dividend distributions on its trust preferred securities (High Tides). This deferral is limited to the High Tides and doesn't affect the company's other debt obligations.

Approval of this amendment is the first of a multi-step fleet-financing plan under way to fund the needs of the company in 2001 and beyond. The revolving credit facility is used primarily to provide credit enhancement for the company's fleet borrowings. There is no outstanding balance on the facility.