Avis Budget selling $450 million 10-year senior notes Tuesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., March 19 - Avis Budget Car Rental, LLC and Avis Budget Finance Inc. are selling $450 million senior notes due 2023 (expected ratings B2/B) during Tuesday's session, according to a market source.

The car rental company was scheduled to hold an investor call at 11 a.m. ET.

Barclays is the lead left bookrunner.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBS Securities Inc. and Scotia Capital (USA) Inc. are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes will be non-callable for five years and feature a 101% poison put.

Proceeds will be used to fund the tender for portions of the company's 9 5/8% notes due 2018 and 9¾% notes due 2020.

The deal is set to settle April 3, 2013.

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