Avis to start roadshow Thursday for $400 million eight-year notes

By Paul A. Harris

St. Louis, March 3 - Avis Budget Car Rental, LLC and Avis Budge Finance, Inc. will host an investor call on Thursday for a $400 million offering of eight-year senior notes, according to an informed source.

A brief roadshow will also begin Thursday in New York, followed by stops in Boston on Friday and in Los Angeles on Monday.

Pricing is set for early in the March 8 week.

Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Wells Fargo Securities are joint bookrunners for the Rule 144A with registration rights offering.

Credit Agricole, RBS Securities Inc. and Scotia Capital are co-managers.

The notes come with four years of call protection.

Credit ratings remain to be determined.

Proceeds will be used to repay floating-rate term loan debt and for general corporate purposes.

Avis Budget is a Parsippany, N.J.-based provider of vehicle rental services.

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