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Avis Budget driving by with $350 million mirror tap of 5¾% notes due 2027; early talk 91-91.5
By Paul A. Harris
Portland, Ore., Aug. 3 – Avis Budget Car Rental LLC and Avis Budget Finance Inc. plan to price a $350 million non-fungible add-on to their 5¾% senior notes due July 15, 2027 (expected ratings B3/B-), according to market sources.
Initial talk has the mirror notes pricing at 91 to 91.5, according to a bond trader.
Deutsche Bank Securities Inc. is the left lead bookrunner, among a syndicate of banks.
The notes become callable July 15, 2022 at 102.875.
The Parsippany, N.J.-based vehicle rental company plans to use the proceeds to redeem its outstanding $100 million of 5½% senior notes due 2023, with the remainder to be used for general corporate purposes.
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