Avis Budget Group Announces Intention to Offer €250 Million of Senior Notes
March 01 2017 - 3:00AM
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 €250 million
aggregate principal amount of senior notes due 2025 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 to redeem all of its outstanding 6% Senior Notes due 2021
and a portion of its outstanding Floating Rate Senior Notes due
2017, and to pay related fees and expenses and 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 vehicle rental
services, 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 Australia directly, and operates primarily
through licensees in other parts of the world. Avis Budget Group
has approximately 30,000 employees and is headquartered in
Parsippany, N.J.
Forward-Looking StatementsThis
press release contains certain forward-looking statements that 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 of the
offering. 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, 2016 and
in other filings and furnishings made by the Company with the
Securities and Exchange Commission from time to time. Except to the
extent required by applicable federal securities laws, 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.
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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