Avis Budget Group Announces Pricing of $600 Million of Senior Notes
February 17, 2021 at 16:30 PM EST
PARSIPPANY, N.J., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) (the “Company”) announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. (together, the “Issuers”) priced an offering of $600 million aggregate principal amount of 5.375% senior notes due 2029 (the “Notes”) in a private offering. The Notes will have a maturity date of March 1, 2029. The closing of the offering of the Notes is expected to occur on March 1, 2021, subject to customary closing conditions. The Notes will be issued at par and guaranteed on a senior unsecured basis by the Company and certain of its U.S. subsidiaries.
The Company intends to use the net proceeds from the Notes offering, together with cash on hand, to redeem all of the Issuers’ outstanding 10.500% senior secured notes due 2025 and pay related premium, fees and expenses.
This press release does not constitute a notice of redemption of the 10.500% senior secured notes due 2025.
The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. Any offers of the Notes will be made only by means of a private offering memorandum.
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