Avis Budget pricing $250 million five-year notes Monday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Nov. 5 - Avis Budget Car Rental LLC and Avis Budget Finance Inc. are planning to sell $250 million of senior notes due 2017 (existing ratings B2/B) on Monday, according to a market source.

An investor call was held at 11 a.m. ET on Monday.

Bank of America Merrill Lynch, Barclays, Credit Agricole, Deutsche Bank Securities Inc. and RBS Securities Inc. are the joint bookrunners.

Scotia Capital (USA) Inc. is a co-manager.

The Rule 144A and Regulation S with registration rights notes will be callable in 2.5 years at par plus 50% of the coupon and carry a 101% poison put.

Proceeds will be used to repay debt.

Avis is a Parsippany, N.J.-based vehicle rental operator.

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