Avis Budget Group Announces Pricing of $600 Million of Senior Notes
February 17 2021 - 4:30PM
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.
About Avis Budget GroupAvis
Budget Group, Inc. is a leading global provider of mobility
solutions, both through its Avis and Budget brands, which have more
than 10,000 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 Australasia directly, and operates primarily
through licensees in other parts of the world. Avis Budget Group is
headquartered in Parsippany, N.J.
Forward-Looking
StatementsStatements regarding the closing of the Notes
offering and the expected use of proceeds therefrom are
“forward-looking statements” and are subject to known and unknown
risks and uncertainties that may cause actual results to differ
materially from those expressed in such forward-looking statements.
These risks and uncertainties include, but are not limited to, the
ability to complete the offering and general market conditions
(including the COVID-19 pandemic and related economic impact) which
might affect the offering. Additional information concerning these
and other important risks and uncertainties can be found in the
Company's filings with the SEC, including under the captions
“Forward-Looking Statements” and “Risk Factors” in the Company's
Annual Report on Form 10-K for the year ended December 31, 2020.
The Company undertakes no obligation to update any forward-looking
statements to reflect subsequent events or circumstances.
ContactDavid
CalabriaIR@avisbudget.comPR@avisbudget.com
Avis Budget (NASDAQ:CAR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Avis Budget (NASDAQ:CAR)
Historical Stock Chart
From Sep 2023 to Sep 2024