Avis Budget Group Announces Intention to Offer €350 Million of Senior Notes
September 25 2018 - 9:26AM
Avis Budget Group, Inc.
(NASDAQ:
CAR) announced today that its wholly-owned
subsidiary, Avis Budget Finance plc, intends, subject to market and
other customary conditions, to offer €350 million aggregate
principal amount of senior notes due 2026 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.
Avis Budget Group intends to use the net proceeds from the notes
offering, together with cash on hand, to redeem all of its
outstanding 5.125% Senior Notes due 2022 and pay related fees and
expenses, with any remainder to be used for general corporate
purposes.
The notes and related guarantees are being offered only to
qualified institutional buyers in reliance on Rule 144A under the
Securities Act of 1933, as amended 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 11,000 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
has approximately 31,000 employees and is headquartered in
Parsippany, N.J.
Forward-Looking StatementsThis
press release contains certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are subject to known and
unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, but are not
limited to, the anticipated use of the proceeds from the offering
and the Company’s intention to consummate the offering. In light of
these risks, uncertainties, assumptions and factors, the
forward-looking events discussed in this press release may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Important assumptions and other important factors that could cause
actual results to differ materially from those in the
forward-looking statements are specified in Avis Budget Group's
Annual Report on Form 10-K for the year ended December 31, 2017,
and in other filings and furnishings made by the Company with the
SEC from time to time. The Company undertakes no obligation to
release publicly any revisions to any forward-looking statements,
to report events or to report the occurrence of unanticipated
events.
Manufacturer target market (MiFID II product governance) is
eligible counterparties and professional clients only (all
distribution channels). No PRIIPs key information document (KID)
has been prepared as not available to retail in EEA.
Contacts
Media Contact:
Alice Pereira
973-496-3916
PR@avisbudget.com
Investor Contact:
Neal Goldner
973-496-5086
IR@avisbudget.com
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