PARSIPPANY, N.J. –

Avis Budget Group announced that its Avis Budget Rental Car Funding subsidiary renewed its U.S. asset-backed bank conduit facility, expanding its borrowing capacity by $450 million to $2.5 billion.

Officials indicated the date until which the company may borrow under the entire facility has been extended to October 2013.

J.P. Morgan and Deutsche Bank served as lead arrangers for the facility, which has 10 participating lenders.

“We are pleased to have successfully renewed our bank conduit facility at a higher advance rate and to have extended its term to late 2013,” stated David Wyshner, Avis senior executive vice president and chief financial officer.

“The renewed facility provides us increased capacity to fund our anticipated domestic rental car fleet needs, and we appreciate the confidence our banking partners have shown in us,” Wyshner added.