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Avis Budget guides €250 million eight-year notes in 4½% area; pricing Wednesday
By Paul A. Harris
Portland, Ore., March 1 – Avis Budget Finance plc, a wholly owned subsidiary of Avis Budget Group, Inc., talked a €250 million offering of eight-year senior notes to yield in the 4½% area, according to market sources.
The Rule 144A and Regulation S deal is set to price Wednesday.
Morgan Stanley & Co. LLC will bill and deliver. Other parties in the syndicate include BofA Merrill Lynch, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.
The Parsippany, N.J.-based vehicle rental company plans to use the proceeds to redeem all of its outstanding 6% senior notes due 2021 and a portion of its outstanding floating-rate senior notes due 2017, and for general corporate purposes.
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