Avis Budget Group Announces Closing of €300 Million Senior Notes Offering
September 26 2016 - 4:15PM
Avis Budget Group, Inc. (NASDAQ:CAR) announced today that its
wholly-owned subsidiary, Avis Budget Finance plc, has completed an
offering of €300 million aggregate principal amount of 4.125%
senior notes due 2024 in a private offering.
The Company intends to use the net proceeds of the offering
primarily to redeem a portion of its outstanding euro-denominated
6.00% Senior Notes due 2021. 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.
“The high level of investor interest in this offering and its
favorable terms underscore our strong and consistent access to the
capital markets to finance and grow our business,” said David B.
Wyshner, Avis Budget Group President and Chief Financial
Officer.
This press release 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.
About Avis Budget GroupAvis Budget Group, Inc.
is a leading global provider of vehicle rental services, both
through its Avis and Budget brands, which have more than 11,000
rental locations in approximately 180 countries around the world,
and through its Zipcar brand, which is the world’s leading car
sharing network, with more than one million members. Avis Budget
Group operates most of its car rental offices in North America,
Europe and Australia directly, and operates primarily through
licensees in other parts of the world. Avis Budget Group has
approximately 30,000 employees and is headquartered in Parsippany,
N.J.
Forward-Looking StatementsThis press release
contains certain forward-looking statements that are subject to
known and unknown risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements. Such risks and uncertainties include, but are not
limited to, the anticipated use of the proceeds of the
offering. Important assumptions and other important factors
that could cause actual results to differ materially from those in
the forward-looking statements are specified in Avis Budget Group’s
Annual Report on Form 10-K for the year ended December 31, 2015, in
Avis Budget Group’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016 and in other filings and furnishings made by
the Company with the SEC from time to time. Except to the
extent required by applicable federal securities laws, the Company
undertakes no obligation to release publicly any revisions to any
forward-looking statements, to report events or to report the
occurrence of unanticipated events.
Contacts
Media Contact:
Alice Pereira
973-496-3916
PR@avisbudget.com
Investor Contact:
Neal Goldner
973-496-5086
IR@avisbudget.com
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