Avis Budget Group announces intention to offer €200 million of senior bonds

PARSIPPANY, NJ, May 13, 2024 (GLOBE NEWSWIRE) — Avis Budget Group, Inc. (NASDAQ: CAR) (the “Company”) today announced that its wholly owned subsidiary, Avis Budget Finance plc (the “Company”) Issuer”), intends, subject to market and other customary conditions, to offer an aggregate principal amount of €200 million of additional 7.25% senior notes due 2030 (the “Notes”) in a private offering. The Notes will be issued as Supplemental Notes under the Indenture, dated July 13, 2023, pursuant to which the Issuer previously issued €400 million of Senior Notes in aggregate principal amount of 7.25% maturing in 2030. The notes will be guaranteed on an amount of 400 million euros in unsecured principal. by Avis Budget Group, Inc. and certain of its U.S. subsidiaries.

The Company intends to use the proceeds from the offering of the Notes for general corporate purposes, which may include the repayment of indebtedness, including, without limitation, outstanding fleet debt, and to pay fees and expenses relating to the foregoing.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or, outside the United States , to other people. as “US persons” pursuant to Regulation S of the Securities Act. The Notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption or in a transaction not subject to the registration requirements of the Securities Act.

This press release is provided for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell any securities. Any offering of Notes will be made only by means of a private offering memorandum.

About the Avis Budget group

We are one of the world’s leading providers of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the first global car-sharing network. We directly operate most of our car rental locations in North America, Europe and Australasia, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, New Jersey.

Forward-looking statements

Statements regarding the offering of notes and the intended use of proceeds thereof are “forward-looking statements” and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in these forward-looking statements. These risks and uncertainties include, without limitation, the ability to consummate the offering on favorable terms, if at all, and general market conditions that could affect the offering. Additional information regarding these and other important risks and uncertainties can be found in the Company’s filings with the SEC, including under the headings “Forward-Looking Statements” and “Risk Factors” in the Report company’s annual report on Form 10-K for the current fiscal year. December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024. The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.