CAR - Avis Budget Group Announces Intention to Offer €400 Million of Senior Notes | Benzinga
PARSIPPANY, N.J., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ:CAR) (the "Company") announced today that its wholly-owned subsidiary, Avis Budget Finance plc (the "Issuer"), intends, subject to market and other customary conditions, to offer €400 million aggregate principal amount of senior notes due 2029 (the "Notes") in a private offering. The Notes will be guaranteed on a senior unsecured basis by Avis Budget Group, Inc. 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 4.750% senior notes due 2026 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 4.750% senior notes due 2026.
The Notes and related guarantees are being offered only to persons reasonably believed to be qualified ...