Cendant to offer $1 billion notes in eight- and 10-year tranches

By Paul A. Harris

St. Louis, March 14 - Cendant Corp. announced that it plans to offer approximately $1 billion of senior unsecured notes in tranches maturing in 2014 and 2016.

The offerings, which were announced in a Tuesday 8-K document filed with the Securities and Exchange Commission, will be marketed via Rule 144A and Regulation S.

Cendant will also obtain a new $2.375 billion credit facility.

Proceeds will be used to repay asset-backed vehicle debt.

The New York City-based company is a real estate, travel and direct marketing related services provider and franchiser of real estate brokerage offices, hotels, rental car agencies (Avis and Budget) and tax preparation services, as well as mortgage services, global employee relocation and vacation exchange services.

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