Avis Budget sets roadshow for €350 million long seven-year notes

By Paul A. Harris

Portland, Ore., Sept. 25 – Avis Budget Finance plc plans to start a roadshow on Wednesday in London City for a €350 million offering of senior notes due January 2026 (expected B1/confirmed BB), according to a market source.

The roadshow moves to London's West End on Thursday.

Further details on the Rule 144A and Regulation S for life offering are pending.

Joint bookrunner Credit Agricole CIB will bill and deliver. Barclays, Deutsche Bank and JPMorgan are also joint bookrunners. BNP Paribas, Lloyds, Natixis and UniCredit are the co-managers.

The long seven-year notes become callable after three years at par plus 50% of the coupon.

The Parsippany, N.J.-based vehicle rental company plans to use the proceeds to redeem its 5 1/8% senior notes due 2022, with any remaining proceeds to be used for general corporate purposes.

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