Published on 3/4/2015 in the Prospect News High Yield Daily.
New Issue: Avis Budget prices upsized $375 million 5¼% 10-year notes at par
By Paul A. Harris
Portland, Ore., March 4 – Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. priced an upsized $375 million issue of 10-year senior notes (B1/B+) at par to yield 5¼% on Wednesday, according to a syndicate source.
The quick-to-market deal was upsized from $350 million.
The yield printed on top of yield talk.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were the joint bookrunners.
The Parsippany, N.J.-based provider of vehicle rental services plans to use the proceeds to repay debt.
| Issuer: | Avis Budget Car Rental, LLC and Avis Budget Finance, Inc.
|
| Amount: | $375 million, increased from $350 million
|
| Maturity: | March 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC
|
| Co-managers: | Lloyds, MUFG, Natixis, UniCredit
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 313 bps
|
| Call protection: | Five years
|
| Trade date: | March 4
|
| Settlement date: | March 11
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% area
|
| Marketing: | Quick to market
|
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