Avis Budget talks €350 million long seven-year notes at 4¾%-4 7/8%; pricing Thursday

By Paul A. Harris

Portland, Ore., Sept. 27 – Avis Budget Finance plc talked its €350 million offering of senior notes due January 2026 (expected B1/confirmed BB) to yield 4¾% to 4 7/8%, according to a market source.

The deal is set to price on Thursday.

Official talk comes tight to initial guidance in the high 4% area.

Joint bookrunner Credit Agricole CIB will bill and deliver for the Rule 144A and Regulation S for life offering. Barclays, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are also joint bookrunners. BNP Paribas Securities Corp., Lloyds Securities LLC, Natixis and UniCredit are the co-managers.

The long seven-year notes become callable after three years at par plus 50% of the coupon.

The Parsippany, N.J.-based vehicle rental company plans to use the proceeds to redeem its 5 1/8% senior notes due 2022, with any remaining proceeds to be used for general corporate purposes.

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