Avis Budget Group Announces Intention to Offer €250 Million of Senior Notes
March 01 2017 - 3:21AM
PARSIPPANY, N.J., March 01, 2017
(GLOBE NEWSWIRE) -- 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 Group
Avis 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 Statements
This 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
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Avis Budget Group, Inc. via Globenewswire
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