Avis Budget to redeem all 5 1/8% senior notes due 2022 via new notes

By Sarah Lizee

Olympia, Wash., Sept. 25 – Avis Budget Group, Inc. plans to redeem all of its outstanding 5 1/8% senior notes due 2022 using proceeds from a new offering and cash on hand, according to a press release.

The company announced on Tuesday that wholly owned subsidiary Avis Budget Finance plc intends to offer €350 million of senior notes due 2026 in a private offering.

Proceeds from the offering will also be used to pay related fees and expenses, with any remainder to be used for general corporate purposes.

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

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