Avis Budget talks €250 million eight-year notes with 6% area yield

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Feb. 28 - Avis Budget Finance plc has set talk for its proposed €250 million issue of eight-year senior notes (B2/B) with yield in the 6% area, according to a market source.

Books close 10 a.m. ET on Thursday, and pricing is expected the same day.

Citigroup Global Markets Inc. is the bill and deliver and joint bookrunner.

Credit Agricole CIB, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are joint bookrunners.

Mitubishi UFJ Securities, Natixis Securities North America Inc. and UniCredit are co-managers for the Rule 144A and Regulation S for life deal.

The notes will be non-callable for three years and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to finance the acquisition of Zipcar Inc.

Avis is a Parsippany, N.J.-based provider of vehicle rental services.

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