Avis Budget sets Thursday investor call for $250 million notes offer

By Paul A. Harris

Portland, Ore., Sept. 14 - Avis Budget Group scheduled an investor call for 10:30 a.m. ET on Thursday to market a $250 million offering of senior notes due March 2020, according to an informed source.

The deal is also set to be promoted through an investor roadshow.

Pricing is set for late in the Sept. 19 week.

Morgan Stanley & Co. Inc., Citigroup Global Markets Inc., Credit Agricole CIB, RBS Securities Inc. and Scotia Capital (USA) Inc. are the joint bookrunners.

The Rule 144A with registration rights notes come with four years of call protection.

Credit ratings remain to be determined.

Proceeds will primarily be used to help fund the acquisition of Avis Europe and to repay debt of Avis Europe.

The issuing entity will be AL Escrow Corp., which will be assumed by Avis Budget Car Rental LLC and Avis Budget Finance, Inc., subsidiaries of Avis Budget Group.

Parsippany, N.J.-based Avis Budget and Bracknell, England-based Avis Europe are vehicle rental companies.

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