By Paul A. Harris
Portland, Ore., Sept. 21 – Avis Budget Finance plc priced an upsized €300 million issue of eight-year senior notes (B1/B+) at par to yield 4 1/8% on Wednesday, according to a market source.
The issue size was increased from €250 million.
The yield printed at the tight end of yield talk in the 4¼% area.
The deal played to orders in excess of €1 billion, the source said.
Barclays was the lead bookrunner.
The Parsippany, N.J.-based provider of vehicle rental services plans to use the proceeds to partially redeem its 6% senior notes due 2021 and for general corporate purposes.
| Issuer: | Avis Budget Finance plc, a subsidiary of Avis Budget Group
|
| Amount: | €300 million, increased from €250 million
|
| Maturity: | Nov. 15, 2024
|
| Securities: | Senior notes
|
| Lead bookrunner: | Barclays
|
| Other bookrunners: | BofA Merrill Lynch, Credit Agricole CIB, Morgan Stanley
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| First call: | Nov. 15, 2019 at 103.094
|
| Equity clawback: | 40% at 104.125 until Nov. 15, 2019
|
| Trade date: | Sept. 21
|
| Settlement date: | Sept. 26
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¼% area
|
| Marketing: | Investor call
|
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