Avis Budget to pay down term loan C with notes proceeds

By Sara Rosenberg

New York, Nov. 15 – Avis Budget Group Inc. plans to repay a portion of its floating-rate term loan C due 2029 using proceeds from a $500 million senior notes offering, according to a market source.

The notes will also be used to redeem 4½% senior notes due 2025, to pay related fees and expenses, and for general corporate purposes.

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

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