New Jersey-based car rental company Avis Budget Group is seeking to secure $900 million of financing, Bloomberg reports. The loan will be used to fund the company’s purchase of Avis Europe.
The loan comprises a $200 million term loan A, a $400 million term loan B and a $300 million revolving line of credit that will be in addition to an existing $1.2 billion loan. Morgan Stanley, Citigroup, Credit Agricole, Scotia Capital and Royal Bank of Scotland are arranging the loan.
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