CAR · Avis Budget Group, Inc.

The Eleventh Amendment to the Sixth Amended and Restated Credit Agreement represents a significant refinancing and liquidity enhancement for Avis Budget Group. On June 29, 2026, the company replaced its existing $2 billion revolving credit facility with a new $2 billion facility (the 2031 Revolving Facility) maturing in 2031, thereby extending the maturity and providing long-term committed liquidity. Additionally, a new $200 million revolving facility (the 2028 Revolving Facility) was established, further increasing total revolving capacity. Both facilities include springing maturity provisions tied to the company's long-term debt outstanding or large legal settlement proceeds, which serve as protective covenants for lenders. The amendment also updates the guarantee and collateral arrangements. This refinancing likely improves the company's debt maturity profile and financial flexibility, supporting ongoing operations and potential strategic initiatives. The transaction was executed with a syndicate of major banks, underscoring broad lender support. Investors should note the enhanced liquidity and extended maturities, which reduce near-term refinancing risk.