Avis Budget to sell $350 million eight-year notes in Tuesday drive-by; whisper is 5¼% yield

By Paul A. Harris

Portland, Ore., May 13 - Avis Budget Car Rental, LLC plans to price a $350 million offering of eight-year senior notes (expected ratings B2/B+) on Tuesday following a late-morning conference call with investors, according to a syndicate source.

Early guidance of 5¼% has been heard in the market, according to a trader.

Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc. and RBS Securities Inc. are the joint bookrunners for the Rule 144A for life offering.

SunTrust Robinson Humphrey Inc., SMBC Nikko, RBC Capital Markets and BMO Securities are the co-managers.

The notes come with three years of call protection.

The Parsippany, N.J.-based provider of vehicle rental services plans to use the proceeds, together with cash on hand, to redeem all of its outstanding 8¼% senior notes due 2019.

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