Business News: Avis Budget Group Announces Closing of $400 Million Senior Notes Offering

PARSIPPANY, NJ (STL.News) – Avis Budget Group, Inc. (NASDAQ: CAR) announced Wednesday that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., have completed an offering of $400 million aggregate principal amount of 5.75% Senior Notes due 2027 in a private offering.

Avis Budget Group intends to use the net proceeds from the notes offering, together with cash on hand, to redeem a portion of its outstanding 5.50% Senior Notes due 2023 and pay related fees and expenses, with any remainder to be used for general corporate purposes.  The newly-issued notes are guaranteed on a senior unsecured basis by Avis Budget Group, Inc. and certain of its U.S. subsidiaries and were issued at par.

This press release is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer, solicitation or sale of any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.  Any offers of the notes were made only by means of a private offering memorandum.