Avis Budget offers €400 million seven-year senior notes; initial talk low-7% area

By Paul A. Harris

Portland, Ore., July 5 – Avis Budget Finance plc set initial talk on its €400 million offering of seven-year senior notes (expected ratings B1/BB-) in the low-7% area, according to market sources.

The deal is expected to price on Thursday.

The Rule 144A for life and Regulation S notes become callable after three years at par plus 50% of the coupon.

Joint physical bookrunner Barclays will bill and deliver. Credit Agricole CIB is also a joint physical bookrunner.

BNP Paribas Securities Corp. and Citigroup Global Markets Inc. are joint bookrunners.

BMO Capital Markets Corp., Lloyds Securities Inc., Scotia Capital (USA) Inc. and UniCredit Capital Markets LLC are the co-managers.

The Parsippany, N.J.-based vehicle rental company plans to use the proceeds to pay off its €300 million of 4 1/8% euro-denominated senior notes due 2024, with the remainder to be used for general corporate purposes, which may include debt repayment.

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