AVIS BUDGET GROUP, INC. 8-K

What Happened

• On June 29, 2026, Avis Budget Group, Inc. and its subsidiaries (Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC) entered into the Eleventh Amendment to their Sixth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as Administrative Agent and other lenders.
• Under the amendment the company refinanced its existing $2.0 billion revolving loan with a new $2.0 billion Revolving Facility due June 29, 2031 (the “2031 Revolving Facility”) and established an additional $200.0 million revolving loan facility maturing June 29, 2028 (the “2028 Revolving Facility”).

Key Details

• $2.0B 2031 Revolving Facility maturing June 29, 2031; includes a “springing” maturity 90 days prior to certain long-term debt maturities if aggregate long-term indebtedness exceeds $300M on that date.
• $200.0M 2028 Revolving Facility maturing June 29, 2028; includes springing maturities (a) 91 days prior to certain long-term debt maturities if aggregate indebtedness > $300M and (b) 10 business days after any Group Member receives cash settlement proceeds > $500M.
• Amendment executed June 29, 2026; Eleventh Amendment is filed as Exhibit 10.1 to the 8-K.
• JPMorgan Chase Bank, N.A. continues as Administrative Agent and the lenders party to the credit agreement remain counterparties.

Why It Matters

• The amendment creates and secures committed revolving credit capacity ($2.2B total) and extends the maturity profile of the company’s short-term bank financing, which affects liquidity and near-term refinancing risk.
• For investors, this is a material financing action that preserves access to working capital and flexibility for operations or settlements; the filing also creates a direct financial obligation under Item 2.03.