Avis Budget Group Announces Closing of €350 Million Senior Notes Offering
October 04 2018 - 2:02PM
Avis Budget Group, Inc.
(NASDAQ:
CAR) announced today that its wholly-owned
subsidiary, Avis Budget Finance plc, has completed an offering of
€350 million aggregate principal amount of 4.750% Senior Notes due
2026 in a private offering.
Avis Budget Group intends to use the net proceeds from the notes
offering, together with cash on hand, to redeem all $400 million of
its outstanding 5.125% Senior Notes due 2022 and pay related fees
and expenses, with the remainder to be used for general corporate
purposes. The newly-issued notes are guaranteed on a senior
unsecured basis by Avis Budget Group, Inc. and certain of its U.S.
subsidiaries and were issued at par.
“We are delighted with the strong investor demand for this
offering, achieving favorable terms that underscore our strong
access to the capital markets to fund our growing business,” said
Martyn Smith, Avis Budget Group Interim Chief Financial Officer.
“As a result of this offering, we now have no corporate debt
maturities until 2023.”
This press release is for informational purposes only and shall
not constitute an offer to sell nor the solicitation of an offer to
buy the notes or any other securities and shall not constitute an
offer, solicitation or sale of any jurisdiction in which, or to any
person to whom, such an offer, solicitation or sale is unlawful.
Any offers of the notes were 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 of 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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