Avis Budget Prices $400 Million in Senior Notes

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.

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

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.

2017: Fleet Mix Will Be Paramount

Car rental companies are migrating to vehicle segments with better residual values, though not without bumps in the road.

Auto Rental Summit: Five Trend Lines

Taking in the seminars, discussions, and networking at the 2016 Auto Rental Summit, trend lines emerged around shifts in model mix, data protection issues, increasing labor costs, workforce engagement, and new platforms to rent cars.

Job Finder: Access Top Talent. Fill Key Positions.