Avis Europe upsizes note offering to €250 million, talk is three-month Euribor plus 275 bps area

By Paul A. Harris

St. Louis, July 12 - Avis Finance Co. plc (Avis Europe plc) has upsized to €250 million from €200 million its offering of seven-year senior floating-rate notes, according to market sources.

Meanwhile the company talked the notes at the three-month Euribor plus 275 basis points area.

The roadshow is scheduled to conclude Thursday in Frankfurt, Germany.

Barclays Capital, The Royal Bank of Scotland, Dresdner Kleinwort and Societe Generale are joint bookrunners for the unrated Regulation S offering. Fortis Bank is the co-manager.

The notes come with two years of call protection.

Proceeds will be used to refinance maturing debt.

The prospective issuer is a car rental company that operates in Europe, Africa, the Middle East and Asia. It has headquarters in Bracknell, England.

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