Avis Budget $45 million greenshoe for convertibles exercised in full

By Marisa Wong

Milwaukee, Oct. 13 – Avis Budget Group, Inc. announced that the underwriters of its recent offering of 3.5% senior convertible notes due 2014 exercised the $45 million over-allotment option in full, increasing the size of the offering to $345 million. The offering closed on Oct. 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

Avis priced $300 million of five-year convertibles on Oct. 7 to yield 3.5% with an initial conversion premium of 30%.

JP Morgan, Deutsche Bank, Barclays, Merrill Lynch and Citigroup were the bookrunners, and Calyon, RBS and Scotia were the co-managers of this Rule 144A sale.

Proceeds will be used for general corporate purposes, including debt repayment and to fund a convertible note hedge and warrant transaction.

Avis is a Parsippany, N.J., provider of vehicle rental services.

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