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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%