(Source: MARKETWIRE)Avis Budget Group, Inc. (NYSE: CAR), a leading provider of vehicle rental services, today announced that it has completed the annual renewal of the asset-backed bank conduit facilities which provide a portion of the financing for its car rental fleet in the United States. At the Company's request, the two existing facilities, which had provided for $1.35 billion and $1.1 billion of financing, respectively, were combined into a single $1.95 billion facility.

The conduit financing has been extended through October 28, 2010, and now bears interest of LIBOR plus 2.25%, representing a reduction of 100 basis points versus the prior rate.

"We are pleased to have renewed this conduit financing ahead of schedule, at a reduced borrowing spread, and with all lenders affirmatively continuing to participate," said David B. Wyshner, Avis Budget Group Executive Vice President and Chief Financial Officer. "With this renewal and our other recent financing activities, we have not only refinanced all of our near-term domestic debt maturities but have sufficient capacity to fund our domestic fleet requirements for the next year."

About Avis Budget Group, Inc.

Avis Budget Group is a leading provider of vehicle rental services, with operations in more than 70 countries. Through its Avis and Budget brands, the Company is the largest general-use vehicle rental company in each of North America, Australia, New Zealand and certain other regions based on published airport statistics. Avis Budget Group is headquartered in Parsippany, N.J. and has more than 24,000 employees. For more information about Avis Budget Group, visit www.avisbudgetgroup.com.

Forward-Looking Statements

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