By Paul A. Harris
Portland, Ore., July 6 – Avis Budget Finance plc priced a €400 million issue of seven-year senior notes (B1/BB-) at par to yield 7¼% on Thursday, according to market sources.
The yield printed in the middle of yield talk in the 7¼% area. Early guidance was in the low-7% area.
Joint physical bookrunner Barclays will bill and deliver. Credit Agricole CIB was also a joint physical bookrunner. Joint bookrunners were BNP Paribas Securities Corp. and Citigroup Global Markets Inc.
The Parsippany, N.J.-based vehicle rental company plans to use the proceeds to pay off its €300 million of 4 1/8% senior notes due 2024, with the remainder to be used for general corporate purposes, which may include debt repayment.
| Issuer: | Avis Budget Finance plc
|
| Amount: | €400 million
|
| Issue: | Senior notes
|
| Maturity: | July 31, 2030
|
| Physical bookrunners: | Barclays (bill and deliver) and Credit Agricole CIB
|
| Joint bookrunners: | BNP Paribas Securities Corp. and Citigroup Global Markets Inc.
|
| Co-managers: | BMO Capital Markets Corp., Lloyds Securities Inc., Scotia Capital (USA) Inc. and UniCredit Capital Markets LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 464 bps
|
| First call: | July 31, 2026 at 103.625
|
| Trade date: | July 6
|
| Settlement date: | July 13
|
| Ratings: | Moody’s: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7¼% area
|
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