PARSIPPANY, N.J., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ:CAR) (the "Company") announced today that its wholly-owned subsidiary, Avis Budget Finance plc (the "Issuer"), priced a private offering of €600 million aggregate principal amount of 7.00% senior notes due 2029 (the "Notes"), which represents a €200 million increase from the previously announced size of the offering. The Notes will have a maturity date of February 28, 2029. The closing of the offering of the Notes is expected to occur on February 28, 2024, 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 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 ...