Avis Budget talks upsized €300 million eight-year notes to yield in 4¼% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., Sept. 21 – Avis Budget Finance plc upsized its offering of eight-year senior notes (expected ratings B1/B+) to €300 million from €250 million, and talked the notes to yield in the 4¼% area, according to a market source.

Books were scheduled to close mid-morning New York time.

The deal is playing to orders in excess of €1 billion, the source said.

The Rule 144A and Regulation S for life deal is set to price Wednesday.

Barclays is the lead bookrunner. BofA Merrill Lynch, Credit Agricole CIB and Morgan Stanley & Co. LLC are other bookrunners.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Parsippany, N.J.-based provider of vehicle rental services plans to use the proceeds to partially redeem its 6% senior notes due 2021 and for general corporate purposes.

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