Avis Budget talks $250 million notes due 2020 with 9¾% area yield

By Paul A. Harris

Portland, Ore., Sept. 20 - Avis Budget Group talked its $250 million offering of senior notes due March 2020 (B2/B) with a yield in the 9¾% area on Tuesday, according to an informed source.

The books close at 10:30 a.m. ET on Wednesday, and the deal is set to price thereafter.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Agricole CIB, RBS Securities Inc. and Scotia Capital (USA) Inc. are the joint bookrunners.

The Rule 144A with registration rights notes come with four years of call protection.

Proceeds will primarily be used to help fund the acquisition of Avis Europe and to repay debt of Avis Europe.

The issuing entity will be AL Escrow Corp., which will be assumed by Avis Budget Car Rental LLC and Avis Budget Finance, Inc., subsidiaries of Avis Budget Group.

Parsippany, N.J.-based Avis Budget and Bracknell, England-based Avis Europe are vehicle rental companies.

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