Avis Budget talks €400 million seven-year senior notes in 7¼% area; books close Thursday

By Paul A. Harris

Portland, Ore., July 6 – Avis Budget Finance plc talked its €400 million offering of seven-year senior notes (B1/BB-) to yield in the 7¼% area, according to market sources.

Talk comes toward the wide end of early guidance in the low-7% area.

Books are set to close 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% senior notes due 2024, with the remainder to be used for general corporate purposes, which may include debt repayment.

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