Cendant Vehicle Rental to Offer Senior Notes

NEW YORK --- Cendant Corporation announced in late March that the parent of its vehicle rental business, Cendant Car Rental Group LLC, is planning to offer $1 billion aggregate principal amount of eight- and ten-year senior notes.

Cendant's vehicle rental business, which is expected to change its name to Avis Budget Car Rental LLC, intends to use the net proceeds from this offering, together with term borrowings under a new senior secured credit facility, principally to repay asset-backed vehicle indebtedness, the company said.

The notes will be unsecured and are not guaranteed by Cendant Corporation. The offering of the notes is subject to market and other customary conditions. Consequently, no assurance can be given that the sale of the notes will be ultimately consummated as described or at all. The closing of the sale of the notes is not contingent upon the consummation of Cendant's planned separation transactions.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Five Business Model Trends for 2017

As new forms of mobility take flight, the borders with traditional car rental are starting to erode.

Are Commercial Drone Deliveries Eminent in the U.S.?

Amazon just delivered its first package by drone in England. Will U.S. delivery fleets be able to take advantage soon?

Autonomous Vehicles and the Changing Role of the Fleet Manager

With fewer drivers and substantially longer fleet lifecycles, fleet managers will pivot to new job functions.

Job Finder: Access Top Talent. Fill Key Positions.