Avis Budget (CAR) Prices $125M Senior Debt Offering

Avis Budget Group, Inc. (Nasdaq: CAR) reports that its wholly-owned subsidiary, Avis Budget Car Rental, LLC, has priced an offering of $125 million aggregate principal amount of 8.25% senior notes due 2019. The notes constitute a further issuance of, and will form a single series of debt securities with, the $600,000,000 aggregate principal amount of 8.25% senior notes due 2019 that Avis Budget Car Rental, LLC issued in fourth quarter 2010. The sale of the new notes is expected to be completed on or about March 29, 2012, subject to customary closing conditions.

The notes were priced at 103.5% of par, plus accrued interest from January 15, 2012, will be senior unsecured obligations of Avis Budget Car Rental, LLC and will be guaranteed on a senior basis by Avis Budget Group and certain of its domestic subsidiaries. Avis Budget Group intends to use the proceeds of the offering to redeem or repurchase a portion of its outstanding 7.625% Senior Notes due 2014 and to pay fees in connection with the offering and other related expenses.

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