UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): July 16, 2025

Avis Budget Group, Inc.

(Exact name of registrant as specified in its charter)

(973) 496-4700

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

On July 16, 2025 (the “Closing Date”), Avis Budget Group, Inc. (the “Company”) and its subsidiaries, Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC, as the Borrower (collectively, the “Avis Parties”), entered into the Tenth Amendment (the “Tenth Amendment”) to the Sixth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders party thereto (as amended, restated or otherwise modified prior to the Tenth Amendment, the “Sixth A&R Credit Agreement”). On the Closing Date, pursuant to the Tenth Amendment, the Borrower refinanced the existing tranche B term loans under the Sixth A&R Credit Agreement (of which $1,148,846,850 was outstanding immediately prior to the Closing Date) with repriced $1,148,846,850 tranche B term loans (the “New Tranche B Term Loans”). The New Tranche B Term Loans will mature on July 16, 2032 (subject to a springing maturity of 90 days prior to the maturity date of certain long-term indebtedness of the Borrower and its subsidiaries if, on such date, the aggregate principal amount of such indebtedness equals or exceeds $100,000,000), and bear an interest rate of, at the Borrower’s option, (i) the secured overnight financing rate plus a margin of 2.50% per annum or (ii) an alternate base rate, which shall not be less than 1.00%, plus a margin of 1.50% per annum. The Tenth Amendment also provides for a premium of 1.00% of the aggregate principal amount of any New Tranche B Term Loans prepaid as a result of certain repricing transactions occurring within six months of the Closing Date.

Other than as described above, the loans and the obligations of the parties under the Sixth A&R Credit Agreement remain unchanged. The foregoing summary of the Tenth Amendment is qualified by reference to the terms of the Tenth Amendment, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.

The information described above under Item 1.01 of this report is incorporated into this Item 2.03 by reference.

The following exhibits are filed as part of this report:

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.

Date: July 21, 2025