Avis Budget to redeem some 5½% notes with proceeds from new notes

By Sarah Lizee

Olympia, Wash., June 19 – Avis Budget Group, Inc. plans to partially redeem its 5½% senior notes due 2023 using proceeds from a new note offering and cash on hand, according to a press release.

The company announced Wednesday that it plans to sell $400 million of eight-year senior notes.

The issuing entities of the notes will be Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., wholly owned subsidiaries of Avis Budget Group.

Avis is a Parsippany, N.J.-based vehicle rental company.

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