Avis Budget to price €400 million five-year notes on Wednesday; initial talk low-to-mid 7% area

By Paul A. Harris and Marisa Wong

Portland, Ore., Feb. 20 – Avis Budget Group, Inc. is expected to price a €400 million offering of senior notes due 2029 (B1) on Wednesday, according to market sources.

The deal is in the market with initial guidance in the low-to-mid 7% area.

The Rule 144A and Regulation S five-year notes come with two years of call protection.

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

The notes will be issued by Avis Budget Finance plc and guaranteed by parent Avis Budget Group, according to a company news release.

The Parsippany, N.J.-based car rental company plans to use the proceeds to redeem all of its outstanding 4¾% senior notes due 2026, with the remainder to be used for general corporate purposes, which may include repayment of other debt.

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