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Avis Budget Group (NASDAQ: CAR) extends $2B revolver, adds new $200M 2028 line

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Avis Budget Group updated its main corporate credit facilities through an Eleventh Amendment to its existing credit agreement. The company refinanced its existing $2 billion revolving loan facility with a new $2 billion 2031 Revolving Facility, which now matures on June 29, 2031, subject to a springing maturity if certain long-term debt exceeds $300 million.

The Borrower also established a new $200 million 2028 Revolving Facility maturing on June 29, 2028, with a springing maturity tied to the same long-term debt threshold and to any legal settlement cash proceeds above $500 million. These changes reset the company’s revolving credit maturities and add additional committed liquidity capacity under revised terms.

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Insights

Avis Budget extends revolver maturities and adds a new $200M line.

Avis Budget Group refinanced its existing $2 billion revolving credit line with a new facility maturing in 2031 and added a separate $200 million revolver maturing in 2028. Both are under an amended syndicated credit agreement led by JPMorgan.

The amendment introduces springing maturities if specified long-term debt exceeds $300 million, and for the 2028 facility also if legal settlement cash exceeds $500 million. These conditions link facility availability to broader leverage and litigation outcomes, so future disclosures around debt and settlements will frame how long the full tenor of these facilities remains available.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
2031 Revolving Facility size $2 billion New revolving loan facility maturing June 29, 2031
2028 Revolving Facility size $200 million New revolving loan facility maturing June 29, 2028
Debt springing threshold $300 million Aggregate principal of certain long-term indebtedness threshold
Settlement cash threshold $500 million Legal settlement cash proceeds trigger for 2028 facility maturity
Eleventh Amendment financial
"entered into the Eleventh Amendment (the “Eleventh Amendment”) to the Sixth Amended and Restated Credit Agreement"
revolving loan facility financial
"refinanced the existing $2 billion revolving loan facility under the Sixth A&R Credit Agreement"
A revolving loan facility is a flexible credit line a company can draw from, repay, and draw again as needed, similar to a business-sized credit card. It matters to investors because it provides short-term cash for operations, acquisitions, or unexpected expenses without issuing new shares, and its size, cost, and terms signal a company’s liquidity, borrowing capacity and financial resilience under stress.
springing maturity financial
"which will mature on June 29, 2031 (subject to a springing maturity of 90 days prior to the maturity date"
Amended Sixth A&R Credit Agreement financial
"the Sixth A&R Credit Agreement as amended by the Eleventh Amendment, the “Amended Sixth A&R Credit Agreement”"
Administrative Agent financial
"with JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto"
An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): June 29, 2026

 

Avis Budget Group, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-10308   06-0918165
(State or Other jurisdiction
of incorporation)		   (Commission
File Number)		   (I.R.S. Employer
Identification No.)

 

379 Interpace Parkway

Parsippany, NJ

   07054
(Address of Principal Executive Offices)   (Zip Code)

 

(973) 496-4700

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which
Registered
Common Stock, par value $0.01   CAR   The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

  

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

On June 29, 2026 (the “Closing Date”), Avis Budget Group, Inc. (the “Company”) and its subsidiaries, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC, as the Borrower (collectively, the “Avis Parties”), entered into the Eleventh Amendment (the “Eleventh Amendment”) to the Sixth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto (as amended, restated or otherwise modified prior to the Eleventh Amendment, the “Sixth A&R Credit Agreement”, and the Sixth A&R Credit Agreement as amended by the Eleventh Amendment, the “Amended Sixth A&R Credit Agreement”). On the Closing Date, pursuant to the Eleventh Amendment, the Borrower (i) refinanced the existing $2 billion revolving loan facility under the Sixth A&R Credit Agreement with a new $2 billion revolving loan facility (the “2031 Revolving Facility”), which will mature on June 29, 2031 (subject to a springing maturity of 90 days prior to the maturity date of certain long-term indebtedness of the Borrower and its subsidiaries if, on such date, the aggregate principal amount of such indebtedness exceeds $300 million) and (ii) established a new $200 million revolving loan facility (the “2028 Revolving Facility”), which will mature on June 29, 2028 (subject to a springing maturity (x) on the date that is 91 days prior to the maturity date of certain long-term indebtedness of the Borrower and its subsidiaries if, on such date, the aggregate principal amount of such indebtedness exceeds $300 million and (y) on the date that is 10 business days after any Group Member (as defined in the Amended Sixth A&R Credit Agreement) receives cash proceeds from any legal settlement in excess of $500 million). The foregoing summary of the Eleventh Amendment is qualified by reference to the terms of the Eleventh Amendment, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.

  

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information described above under Item 1.01 of this report is incorporated into this Item 2.03 by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

The following exhibits are filed as part of this report:

 

Exhibit No.   Description
     
10.1   Eleventh Amendment, dated as of June 29, 2026, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, as borrower, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto.
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

   

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.

 

  AVIS BUDGET GROUP, INC.  
       
       
  By: /s/ Jean M. Sera  
  Name: Jean M. Sera  
  Title: Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary  

 

Date: July 1, 2026

 

 

 

 

   

 

Source: View Original Filing on SEC EDGAR

FAQ

What did Avis Budget Group (CAR) change in its credit facilities?

Avis Budget Group amended its main credit agreement, replacing its existing $2 billion revolving loan with a new $2 billion 2031 facility and adding a new $200 million 2028 revolving facility, both under revised maturity and covenant conditions.

How large are Avis Budget Group’s updated revolving credit facilities?

The company now has a refinanced $2 billion 2031 Revolving Facility and a new $200 million 2028 Revolving Facility. Together they provide $2.2 billion of revolving credit capacity, subject to the amended agreement’s conditions and springing maturity provisions.

When do Avis Budget Group’s new revolving facilities mature?

The 2031 Revolving Facility matures on June 29, 2031, and the 2028 Revolving Facility matures on June 29, 2028. Each facility can mature earlier if specified long-term debt or settlement conditions in the agreement are triggered.

What is the $300 million long-term debt threshold in Avis Budget’s amendment?

If, on a test date, the aggregate principal of certain long-term indebtedness exceeds $300 million, each facility’s maturity date can spring forward by roughly 90 or 91 days before that debt’s maturity. This ties facility tenor to the broader debt profile.

Who is the administrative agent for Avis Budget’s amended credit agreement?

JPMorgan Chase Bank, N.A. acts as Administrative Agent under the Amended Sixth Amended and Restated Credit Agreement. It coordinates the lender group that provides the $2 billion 2031 Revolving Facility and the $200 million 2028 Revolving Facility to Avis Budget affiliates.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

Other Documents