Avis Budget to price €250 million eight-year notes on Wednesday, to partially redeem 2021 notes

By Paul A. Harris

Portland, Ore., Sept. 20 – Avis Budget Finance plc, a subsidiary of Avis Budget Group, plans to price €250 million of eight-year senior notes (expected ratings B1/B+) on Wednesday, according to a market source.

Barclays is the lead bookrunner for the Rule 144A and Regulation S for life offering. BofA Merrill Lynch, Credit Agricole CIB and Morgan Stanley & Co. LLC are other bookrunners.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Parsippany, N.J.-based provider of vehicle rental services plans to use the proceeds to partially redeem its 6% senior notes due 2021 and for general corporate purposes.

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