Avis Budget Group, Inc. (NASDAQ:CAR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement.
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Rental, LLC entered into a First Amendment to the Fourth Amended
and Restated Credit Agreement, dated as of October 7, 2016, among
Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, Avis
Budget Group, Inc., JPMorgan Chase Bank, N.A. as administrative
agent, the other lenders from time to time parties thereto, and
the subsidiary borrowers from time to time parties thereto. The
amendment provides for, among other things, an additional $188
million of term loans issued at closing, a three-year extension
of the maturity date of a portion of its existing term loans
issued thereunder, a reduction of the term loan interest rate,
and removal of the minimum rate applicable to the term loans.
Following completion of this transaction, the Company has $1.15
billion of term loans outstanding, all of which matures in March
2022.
qualified in its entirety by the terms and provisions of the
First Amendment, a copy of which is attached hereto as Exhibit
10.1>and is incorporated herein by reference.
respective affiliates, have performed, and may in the future
perform, various commercial banking, investment banking and other
financial advisory services for Avis Budget Group, Inc., Avis
Budget Car Rental, LLC and their subsidiaries for which they have
received, and will receive, customary fees and expenses.
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Item 2.03
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Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
incorporated into this Item 2.03 by reference.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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10.1
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First Amendment, dated as of March 3, 2017, to the
Fourth Amended and Restated Credit Agreement dated as of October 7, 2016, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, Avis Budget Group, Inc., the subsidiary borrowers from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the several lenders from time to time parties thereto. |
About Avis Budget Group, Inc. (NASDAQ:CAR)
Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia. It operates in two segments: Americas and International. The Americas segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates its car sharing business in certain of these markets. Avis Budget Group, Inc. (NASDAQ:CAR) Recent Trading Information
Avis Budget Group, Inc. (NASDAQ:CAR) closed its last trading session up +0.06 at 32.36 with 2,180,267 shares trading hands.
