Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Innovent Biologics Shares Rally on New Eli Lilly Oncology and Immunology Deal 
Kroger Set to Name Former Walmart Executive Greg Foran as Next CEO 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
DBS Expects Slight Dip in 2026 Net Profit After Q4 Earnings Miss on Lower Interest Margins 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Taiwan Says Moving 40% of Semiconductor Production to the U.S. Is Impossible 
PARSIPPANY, N.J., Feb. 14, 2018 -- Avis Budget Group, Inc. (NASDAQ:CAR) announced today that it has extended the term of its $1.8 billion senior revolving credit facility for an additional two years to 2023. Also, the Company extended the maturity of its $1.1 billion term loan for an additional three years to 2025, with no change in interest rate charged. The financial covenant contained in its overall senior credit agreement was changed to a first lien leverage ratio not to exceed 2.5 times of Consolidated EBITDA, as defined in the credit agreement.
“This extension and amendment of our credit agreement is part of our continued corporate strategy to seek opportunities in the market to improve our liquidity profile,” said Martyn Smith, Avis Budget Group Interim Chief Financial Officer. “Looking ahead, the Company now has no corporate debt maturities until 2022 and the majority of this debt is fixed at very attractive interest rates.”
About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of vehicle rental and other mobility solutions, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world’s leading car sharing network with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 30,000 employees and is headquartered in Parsippany, N.J.
Forward-Looking Statements
This press release contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Avis Budget Group’s Annual Report on Form 10-K for the year ended December 31, 2016 and in other filings and furnishings made by the Company with the Securities and Exchange Commission from time to time. Except to the extent required by applicable federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
Contacts Media Contact: Alice Pereira (973) 496-3916 [email protected] Investor Contact: Neal Goldner (973) 496-5086 [email protected]
