New Issue: Avis Budget prices upsized €200 million tap of 6% senior notes due 2021 at 106.75

By Paul A. Harris

Portland, Ore., March 6 - Avis Budget Finance plc priced an upsized €200 million add-on to its 6% senior notes due March 1, 2021 (expected ratings B2/B) at 106.75 to yield 4.847% on Thursday, according to market source.

The deal was upsized from €150 million.

The yield printed at the rich end of the 106.5 to 106.75 price talk.

Joint bookrunner Deutsche Bank will bill and deliver. Credit Agricole CIB, BofA Merrill Lynch and J.P. Morgan Securities LLC were also joint bookrunners.

The issuer is a Parsippany-Troy Hills, N.J.-based vehicle rental company.

Issuer:	Avis Budget Finance plc
Amount:	€200 million, increased from €150 million
Maturity:	March 1, 2021
Security description:	Add-on to 6% senior notes due March 1, 2021
Bookrunners:	Deutsche Bank (bill and deliver), Credit Agricole CIB, BofA Merrill Lynch, J.P. Morgan Securities LLC
Co-managers:	Scotia, Natixis, Mitsubishi UFJ Securities
Coupon:	6%
Price:	106.75
Yield:	4.847%
Spread:	384 bps
First call date:	March 1, 2016
Trade date:	March 6
Settlement date:	March 11 with accrued interest
Expected ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S
Price talk:	106.5 to 106.75
Marketing:	Quick to market
Original issue:	€250 million priced at par on Feb. 28, 2013
Fungibility:	Add-on notes will be immediately fungible with the original notes
Total issue size:	€450 million

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