Avis Budget Group Inc. (NASDAQ: CAR) announced that its subsidiaries Avis Budget Car Rental LLC and Avis Budget Finance Inc. intend to offer $300 million of 8.000% Senior Notes due 2031 in a private placement, subject to market conditions.

The notes will be issued as additional securities under an existing indenture from November 22, 2023, which previously established $500 million of 8.000% Senior Notes due 2031. Avis Budget Group and certain U.S. subsidiaries will guarantee the new notes on a senior unsecured basis.

The company plans to use proceeds from the offering, combined with existing cash, to redeem a portion of its outstanding 5.750% Senior Notes due 2027 and cover associated fees and expenses.

The notes will be offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act of 1933, or to non-U.S. persons outside the United States under Regulation S. The securities have not been registered under the Securities Act.

The announcement, made according to a press release, includes standard disclaimers noting that the offering remains subject to completion and market conditions. The company stated this release serves informational purposes and does not constitute an offer to sell securities.