Avis Budget Group Announces Intention to Offer €250 Million of Senior Notes
September 20 2016 - 1:13PM
Avis Budget Group, Inc. (NASDAQ:CAR) announced today that its
wholly-owned subsidiary, Avis Budget Finance plc (the “Issuer”),
intends, subject to market and other customary conditions, to offer
€250 million aggregate principal amount of senior notes due 2024
(the “Notes”) in a private offering (the “Notes Offering”). The
Notes will be guaranteed on a senior unsecured basis by Avis Budget
Group, Inc. and certain of its domestic subsidiaries.
Avis Budget Group intends to use the net proceeds from the Notes
Offering to redeem a portion of its outstanding 6.000% Senior Notes
due 2021, to pay related fees and expenses and for general
corporate purposes.
The Notes and related guarantees are being offered only to
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 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
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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