Published on 3/4/2015 in the Prospect News High Yield Daily.
New Issue: Avis Budget prices upsized $375 million 5¼% 10-year notes at par
By Paul A. Harris
Portland, Ore., March 4 – Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. priced an upsized $375 million issue of 10-year senior notes (B1/B+) at par to yield 5¼% on Wednesday, according to a syndicate source.
The quick-to-market deal was upsized from $350 million.
The yield printed on top of yield talk.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were the joint bookrunners.
The Parsippany, N.J.-based provider of vehicle rental services plans to use the proceeds to repay debt.
Issuer: | Avis Budget Car Rental, LLC and Avis Budget Finance, Inc.
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Amount: | $375 million, increased from $350 million
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Maturity: | March 15, 2025
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Securities: | Senior notes
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Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC
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Co-managers: | Lloyds, MUFG, Natixis, UniCredit
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Coupon: | 5¼%
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Price: | Par
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Yield: | 5¼%
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Spread: | 313 bps
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Call protection: | Five years
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Trade date: | March 4
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Settlement date: | March 11
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Ratings: | Moody's: B1
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| Standard & Poor's: B+
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Distribution: | Rule 144A and Regulation S
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Price talk: | 5¼% area
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Marketing: | Quick to market
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