Avis Budget Finance intends to start roadshow Tuesday for €250 million eight-year senior notes

By Paul A. Harris

Portland, Ore., Feb. 25 - Avis Budget Finance plc plans to start a roadshow on Tuesday in London for its €250 million offering of eight-year senior notes (existing senior unsecured ratings B2/B), according to a syndicate source.

The roadshow continues in London on Wednesday and moves to Paris on Thursday.

Joint bookrunner Citigroup will bill and deliver. Credit Agricole CIB, Deutsche Bank and JPMorgan are also joint bookrunners.

Mitsubishi UFJ, Natixis and UniCredit are the co-managers.

The Rule 144A and Regulation S for life notes come with three years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

The Parsippany, N.J.-based provider of vehicle rental services plans to use the proceeds to finance the acquisition of Zipcar Inc.

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