Avis Shows Strength

Pricing on the six-year, $875 million term loan for Avis Rent A Car flexed down last Monday to LIBOR plus 1 1/4% from LIBOR plus 1 1/2% due to oversubscription.

  • 14 Apr 2006
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Pricing on the six-year, $875 million term loan for Avis Rent A Car flexed down last Monday to LIBOR plus 1 1/4% from LIBOR plus 1 1/2% due to oversubscription. The deal, which launched March 16, also consists of a five-year, $1.5 billion revolver (CIN, 3/17). Pricing of LIBOR plus 1 1/2% on the revolver did not change. JPMorgan and Deutsche Bank lead the deal.

Cendant Corp., which owns Avis, is using the deal to spin the rental car company off as it separates itself into four separate entities in the real estate, travel distribution, hospitality and vehicle rental businesses. Calls to Avis and Cendant were not returned.

  • 14 Apr 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 82,367.33 238 12.89%
2 Bank of America Merrill Lynch 71,317.58 219 11.16%
3 Wells Fargo Securities 62,984.09 198 9.86%
4 JPMorgan 45,920.23 145 7.19%
5 Credit Suisse 37,235.50 114 5.83%