Avis Budget Finance, a wholly-owned subsidiary of Avis Budget Group, intends, subject to market and other customary conditions, to offer 350 million euros ($411 million) aggregate principal amount of senior notes due 2026 in a private offering.
The notes will be guaranteed on a senior unsecured basis by Avis Budget Group, Inc. and certain U.S. subsidiaries.
Avis Budget Group intends to use the net proceeds from the notes offering, together with cash on hand, to redeem all of its outstanding 5.125% senior notes due 2022 and pay related fees and expenses, with any remainder to be used for general corporate purposes.
The notes and related guarantees are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
Any offers of the notes will be made only by means of a private offering memorandum.