Avis Budget Prices $400 Million in Senior Notes
The car rental company said proceeds from the offering will be used to partially fund its proposed acquisition of Dollar Thrifty.
Avis Budget Group Inc. announced Thursday that its wholly-owned subsidiary, Avis Budget Car Rental LLC, has priced an offering of $400 million aggregate principal amount of 8.25 percent senior notes due 2019.
The sale of the new notes is expected to be completed on or about Oct. 15, 2010, subject to customary closing conditions.
The notes were priced at par, will be senior unsecured obligations of Avis Budget Car Rental LLC and will be guaranteed on a senior basis by Avis Budget Group Inc. and certain of its domestic subsidiaries.
Avis Budget Group intends to use the net proceeds of the offering to partially fund our proposed acquisition of Dollar Thrifty Automotive Group Inc. or to repay outstanding corporate indebtedness, and to pay fees in connection with the offering and other related expenses.
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