Avis Budget Group, Inc. (Nasdaq: CAR) announced today that it has entered into a three-year, €500 million (approximately $650 million) European rental fleet securitization program, providing the Company’s subsidiaries in Germany, Italy and Spain increased capacity to finance its fleet purchases. This program, which matures in March 2016, will replace the Company’s previous €350 million European variable fleet financing facility at more attractive terms. “We are pleased to obtain incremental vehicle-backed financing commitments for our European fleet, providing us increased capacity to grow our fleet over time at lower interest rates,” said David B. Wyshner, Avis Budget Group senior executive vice president and chief financial officer. “Completing a multi-national securitization for our European fleet has been an important objective for us since our acquisition of Avis Europe.” Crédit Agricole Corporate and Investment Bank served as lead arranger of the financing, which is structured as a revolving facility under which borrowings can be made and repaid as needed.
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