Photo via Travelarz/Wikimedia.
Avis Budget Group has received a waiver of the leverage covenant included in its existing senior credit facilities, comprised of a term loan and revolving credit facility, until June 30, 2021.
The waiver is included in an amendment to the credit facilities, which allows Avis to incur an additional $750 million of first lien debt.
The rental agency will be filing the appropriate forms with the Securities and Exchange Commission.