Avis Budget driving by with $350 million seven-year notes, initial guidance high 4% to 5% area

By Paul A. Harris

Portland, Ore., March 9 – Avis Budget Group, Inc. plans to price a $350 million offering of seven-year senior notes (existing ratings B3/B) in a Tuesday drive-by trailing an investor conference call, according to market sources.

Initial talk is in the high 4% to 5% area.

Credit Agricole CIB, Barclays, BofA Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.

MUFG, NWM, SMBC Nikko Securities America Inc. and SG Americas Securities LLC are the co-managers.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The issuing entities will be wholly owned subsidiaries Avis Budget Car Rental LLC and Avis Budget Finance Inc. Proceeds will be used to redeem all of their outstanding 6 3/8% senior notes due 2024.

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