Avis Budget Group Finishes $650 Million Bond Offering

Avis Budget Group (ABG) announced the completion of an asset-backed bond offering for its Avis Budget Rental Car Funding LLC subsidiary in an Aug. 26 press release.

The offering, which has a weighted average interest of 3.5 percent, is expected to help in refinancing ABG debt that is maturing into 2012 with a blended interested rate at more than 6 percent — which is similar to the advance rate.

“The new asset-backed bonds will enable us to extend a substantial portion of our upcoming debt maturities over five years, and do so on attractive terms,” said David B. Wyshner, ABG executive vice president and CFO.

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