Avis Budget Group (CAR) to Offer €250M of Senior Notes

September 20, 2016 1:14 PM EDT

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Avis Budget Group, Inc. (NASDAQ: CAR) announced today that its wholly-owned subsidiary, Avis Budget Finance plc (the “Issuer”), intends, subject to market and other customary conditions, to offer €250 million aggregate principal amount of senior notes due 2024 (the “Notes”) in a private offering (the “Notes Offering”). The Notes will be guaranteed on a senior unsecured basis by Avis Budget Group, Inc. and certain of its domestic subsidiaries.

Avis Budget Group intends to use the net proceeds from the Notes Offering to redeem a portion of its outstanding 6.000% Senior Notes due 2021, 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 (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.



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