Avis Budget Group Announces Intention to Offer $500 Million of Senior Notes
10 September 2024 - 1:26PM
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”), intend, subject to market and other customary
conditions, to offer $500 million aggregate principal amount of
senior notes due 2030 (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 offering of the Notes for general corporate purposes, which may
include repayment of indebtedness, including, without limitation,
repayment of its floating rate term loan C maturing in 2029 and its
outstanding fleet debt, and to pay fees and expenses in connection
with the foregoing.
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 GroupWe are a
leading global provider of mobility solutions, both through our
Avis and Budget brands, which have approximately 10,250 rental
locations in approximately 180 countries around the world, and
through our Zipcar brand, which is the world's leading car sharing
network. We operate most of our car rental offices in North
America, Europe and Australasia directly, and operate primarily
through licensees in other parts of the world. We are headquartered
in Parsippany, N.J.
Forward-Looking
StatementsStatements regarding 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 on favorable terms, if at all, and general market
conditions 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, 2023 and Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2024. The Company undertakes no obligation to update
any forward-looking statements to reflect subsequent events or
circumstances.
Investor Relations Contact: |
Media Relations Contact: |
David Calabria, IR@avisbudget.com |
James Tomlinson, ABGPress@edelman.com |
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