February 28, 2015 12:49 PM ET

Road and Rail

Company Overview of Avis Budget Car Rental, LLC

Company Overview

Avis Budget Car Rental, LLC operates and franchises vehicle rental services under the names Avis and Budget. The company offers domestic car rental services providing car rentals and ancillary products and services to business and leisure travelers in the United States; international car rental services providing car rentals and ancillary products and services to business and leisure travelers in Canada, Puerto Rico, the U.S. Virgin Islands, Argentina, Australia, and New Zealand; and truck rental services providing truck rentals and related services to consumers and light commercial users in the United States. The company was formerly known as Cendant Car Rental Group, Inc. The company was i...

6 Sylvan Way

Parsippany, NJ 07054

United States

Founded in 1996

Phone:

973-496-4700

Key Executives for Avis Budget Car Rental, LLC

Chief Financial Officer, Executive Vice President and Treasurer
Age: 46
Chairman of Avis Budget Group, Inc., Chief Executive Officer of Avis Budget Group, Inc. and President of Avis Budget Group, Inc.
Age: 61
Chief Human Resource Officer and Executive Vice President
Age: 48
Chief Accounting Officer and Senior Vice President
Age: 52
Chief Information Officer and Senior Vice President
Compensation as of Fiscal Year 2014.

Avis Budget Car Rental, LLC Key Developments

Avis Budget Group, Inc., Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC Announces Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A

On October 3, 2014, Avis Budget Group, Inc. and its subsidiaries, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC, as the Borrower, entered into a third amendment and restatement, dated as of October 3, 2014, of the Second Amended and Restated Credit Agreement dated as of August 2, 2013, with JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto. Pursuant to this amendment, the amount available under the Company's revolving credit facility was increased from $1.65 billion to $1.8 billion and the maturity of the facility was extended. The new credit agreement also contains revised affirmative covenants, financial and other negative covenants and certain other revised terms. In connection with this amendment, the Company also entered into a Second Amendment to the Guarantee and Collateral Agreement dated October 3, 2014.

Avis Budget Car Rental, LLC Completes Offering of $400 Million Aggregate Principal Amount of 5.125% Senior Notes Due 2022

Avis Budget Car Rental, LLC has completed an offering of $400 million aggregate principal amount of 5.125% senior notes due 2022. The company intends to use the proceeds of the offering to redeem the remaining $395 million of its outstanding 8.25% senior notes due 2019. The newly-issued notes are senior unsecured obligations of Avis Budget Car Rental, LLC, were issued at par and will be guaranteed on a senior basis by Avis Budget Group and certain of its domestic subsidiaries.

Avis Budget Group Signs Exclusive Partnership with Silver Airways

Avis Budget Group Inc. announced that it has signed a new partnership agreement with Silver Airways. Under the exclusive agreement, Avis Car Rental and Budget Car Rental will be designated as Silver Airways' preferred car rental providers and Silver Airways travelers will receive car rental savings when they rent Avis or Budget vehicles. In addition, Silver Airways travelers will have the opportunity to make Avis and Budget car rental reservations directly on the Silver Airways website, or via phone as part of the call transfer program between the two companies. The new partnership agreement also includes brand exposure and cross-marketing opportunities between the two companies.

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