New Issue: Avis Budget prices €250 million eight-year notes at par to yield 4½%

By Paul A. Harris

Portland, Ore., March 1 – Avis Budget Finance plc, a wholly owned subsidiary of Avis Budget Group, Inc., priced a €250 million issue of eight-year senior notes (BB-) at par to yield 4½% on Wednesday, according to a market source.

The yield printed on top of yield talk in the 4½% area.

Joint bookrunner Morgan Stanley will bill and deliver. BofA Merrill Lynch, Citigroup and Deutsche Bank were also joint bookrunners.

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.

Issuer:	Avis Budge Finance plc
Amount:	€250 million
Maturity:	May 15, 2025
Securities:	Senior notes
Bookrunners:	Morgan Stanley (bill and deliver), BofA Merrill Lynch, Citigroup, Deutsche Bank
Co-managers:	BNP Paribas, MUFG, NatWest, Scotia
Coupon:	4½%
Price:	Par
Yield:	4½%
Call:	Make-whole call at Bunds plus 50 bps until May 15, 2020, then callable at 103.375
Trade date:	March 1
Settlement date:	March 8
Rating:	S&P: BB-
Distribution:	Rule 144A and Regulation S
Price talk:	4½% area
Marketing:	Quick to market

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