Avis Budget announces intention to offer $500M of senior notes

Avis Budget (CAR) Group announced that its wholly-owned subsidiaries, Avis Budget Car Rental and Avis Budget Finance, intend, subject to market and other customary conditions, to offer $500 million aggregate principal amount of senior notes due 2032 in a private offering. The Notes will be guaranteed on a senior unsecured basis by Avis Budget Group, Inc. 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 the Company’s floating rate term loan A maturing in December 2025 and a portion of its outstanding fleet debt, and to pay fees and expenses in connection therewith.