Avis Budget plans to redeem €275 million portion of 6% notes due 2021

By Wendy Van Sickle

Columbus, Ohio, Sept. 30 – Avis Budget Finance plc issued a conditional call to redeem a €275 million portion of its €450 million of outstanding 6% senior notes due 2021, according to a notice.

The issuer plans to redeem the notes on Oct. 21 at 104.5 plus accrued interest.

The redemption is conditioned on the consummation of Avis’ offering of 4 1/8% senior notes due 2024 or its receipt of proceeds from one or more other financing transactions sufficient to pay the redemption price.

Citibank, NA, London Branch is the paying agent. Bank of Nova Scotia Trust Co. of New York is the trustee.

The issuer is a subsidiary of Avis Budget Group, Inc., a provider of vehicle rental services based in Parsippany, N.J.

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