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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): July 16, 2025
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 July 16, 2025 (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 Tenth Amendment (the “Tenth 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 Tenth Amendment, the “Sixth A&R Credit Agreement”). On the Closing Date, pursuant to the
Tenth Amendment, the Borrower refinanced the existing tranche B term loans under the Sixth A&R Credit Agreement (of which $1,148,846,850 was outstanding immediately prior to the Closing Date) with repriced $1,148,846,850 tranche B term loans (the “New
Tranche B Term Loans”). The New Tranche B Term Loans will mature on July 16, 2032 (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 equals or exceeds $100,000,000), and bear an interest rate of, at the Borrower’s option, (i) the secured
overnight financing rate plus a margin of 2.50% per annum or (ii) an alternate base rate, which shall not be less than 1.00%, plus a margin
of 1.50% per annum. The Tenth Amendment also provides for a premium of 1.00% of the aggregate principal amount of any New Tranche B Term
Loans prepaid as a result of certain repricing transactions occurring within six months of the Closing Date.
Other than as described above, the loans and the obligations
of the parties under the Sixth A&R Credit Agreement remain unchanged. The foregoing summary of the Tenth Amendment is qualified by
reference to the terms of the Tenth 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 |
|
Tenth Amendment, dated as of July 16, 2025, 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 and 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 21, 2025
