CAR - Avis Budget Group Announces Pricing of $500 Million of Senior Notes | Benzinga
PARSIPPANY, N.J., Nov. 15, 2023 (GLOBE NEWSWIRE) -- 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 a private offering of $500 million aggregate principal amount of 8.00% senior notes due 2031 (the "Notes"). The Notes will have a maturity date of February 15, 2031. The closing of the offering of the Notes is expected to occur on November 22, 2023, subject to customary closing conditions. The Notes will be issued at an issue price of 99.341% 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 outstanding 4.500% senior notes due 2025 issued by Avis Budget Finance plc, repay a portion of its floating rate term loan C maturing in 2029 and pay fees and expenses in connection with the foregoing, with the remainder to be used for general corporate purposes.