Published on 9/27/2018 in the Prospect News High Yield Daily.
New Issue: Avis Budget prices €350 million 4¾% long seven-year notes at par
By Paul A. Harris
Portland, Ore., Sept. 27 – Avis Budget Finance plc priced a €350 million issue of 4¾% long seven-year senior notes (expected B1/confirmed BB) at par to yield 4.751% on Thursday, according to a market source.
The yield printed at the tight end of the 4¾% to 4 7/8% yield talk and tight to initial guidance in the high 4% area.
Joint bookrunner Credit Agricole CIB will bill and deliver. Barclays, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are also joint bookrunners.
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.
| Issuer: | Avis Budget Finance plc
|
| Amount: | €350 million
|
| Maturity: | Jan. 30, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Agricole CIB (bill and deliver), Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp., Lloyds, Natixis, UniCredit
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4.751%
|
| Spread: | 451 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until Sept. 30, 2021, then callable at 102.375
|
| Equity clawback: | 40% at 104.75 until Sept. 30, 2021
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 4
|
| Ratings: | Moody's: expected B1
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% to 4 7/8%
|
| Marketing: | Roadshow
|
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