Avis Budget Group Announces Pricing of €400 Million of Senior Notes

About this update from Avis Budget Group, Inc.

[{"type":"text","content":"PARSIPPANY, N.J., July 06, 2023 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) (the “Company”) announced today that its wholly-owned subsidiary, Avis Budget Finance plc (the “Issuer”) priced a private offering of €400 million aggregate principal amount of 7.25% senior notes due 2030 (the “Notes”). The Notes will have a maturity date of July 31, 2030. The closing of the offering of the Notes is expected to occur on July 13, 2023, 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 to redeem all of the Issuer’s outstanding 4.125% senior notes due 2024 and pay fees and expenses in connection with the foregoing, with the remainder to be used for general corporate purposes, which may include, without limitation, repayment of indebtedness. This press release does not constitute a notice of redemption of the 4.125% senior notes due 2024. 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. About Avis Budget GroupWe are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have more than 10,000 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world's leading car sharing network. We operate most of our car rental locations in North America, Europe and Australasia directly, and operate primarily through licensees in other ...

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