PARSIPPANY, N.J., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ:CAR) (the "Company") announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. (together, the "Issuers"), priced a private offering of $700 million aggregate principal amount of 8.250% senior notes due 2030 (the "Notes"), which represents a $200 million increase from the previously announced size of the offering. The Notes will have a maturity date of January 15, 2030. The closing of the offering of the Notes is expected to occur on September 13, 2024, subject to customary closing conditions. The Notes will be issued at par and guaranteed on a senior unsecured basis by the Company and certain of its U.S. subsidiaries.
The Company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include repayment of indebtedness, including, without limitation, repayment of its floating rate term loan C maturing in 2029 and its outstanding fleet debt, and to pay fees and ...
