Avis Budget Group refinances $2B credit facility, adds $200M line

Avis Budget Group (NASDAQ: CAR) amended its credit agreement on June 29, 2026, refinancing an existing $2 billion revolving loan facility and establishing a new $200 million revolving loan facility.

According to a press release statement, the company and its subsidiaries, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC, entered into the Eleventh Amendment to its Sixth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent.

The refinanced $2 billion revolving facility is set to mature on June 29, 2031. The maturity is subject to a springing provision that could accelerate it to 90 days prior to the maturity of certain long-term debt if that debt exceeds $300 million at that time.

The new $200 million revolving facility matures on June 29, 2028. Its maturity is also subject to springing provisions, including one triggered 91 days before the maturity of certain long-term debt exceeding $300 million, and another triggered 10 business days after any group member receives legal settlement proceeds exceeding $500 million.

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