New Issue: Avis Budget prices €250 million eight-year notes at par to yield 6%

By Paul A. Harris

Portland, Ore., Feb. 28 - Avis Budget Finance plc priced a €250 million issue of eight-year senior notes (B2/B/) at par to yield 6% on Thursday, according to a syndicate source.

The yield printed on top of yield talk.

Joint bookrunner Citigroup Global Markets Inc. will bill and deliver.

Credit Agricole CIB, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were also joint bookrunners.

Proceeds will be used to finance the acquisition of Zipcar Inc.

Avis is a Parsippany, N.J.-based provider of vehicle rental services. Zipcar is a Cambridge, Mass.-based car-sharing network.

Issuer:	Avis Budget Finance plc
Amount:	€250 million
Maturity:	March 1, 2021
Securities:	Senior notes
Bookrunners:	Citigroup Global Markets (bill and deliver), Credit Agricole CIB, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
Co-managers:	Mitsubishi UFJ, Natixis Securities, UniCredit
Coupon:	6%
Price:	Par
Yield:	6%
Call features:	Callable on March 1, 2016 at 104.5, 103, 101.5, par on and after March 1, 2019
Equity clawback:	35% at 106.0 until March 1, 2016
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	6% area
Marketing:	Roadshow

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