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Avis Budget Group (CAR) refinances its existing $900M in term loan borrowings due 2019 with a...

Avis Budget Group (CAR) refinances its existing $900M in term loan borrowings due 2019 with a $1B new loan due 2019, and lowered the interest rate on the refinanced term loans by 75 basis points. The company also announced that it has redeemed $124M of its 9.625% senior notes due 2018, representing the entire outstanding balance. The new term loan now bears interest at LIBOR plus 2.25% subject to a LIBOR floor of 0.75%, compared to an interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1% previously.
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