PARSIPPANY, N.J., May 04, 2020 (GLOBE NEWSWIRE) — Avis Budget Group, Inc. (NASDAQ: CAR) announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., intend, subject to market and other customary conditions, to offer $400 million aggregate principal amount of senior secured notes due 2025 in a private offering. The notes will be guaranteed by Avis Budget Group, Inc. and certain of its U.S. subsidiaries.
Avis Budget Group intends to use the net proceeds from the notes offering for general corporate purposes.The notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under 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 from, or in a transaction not subject to, the registration requirements of the Securities Act.This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. Any offers of the notes will be made only by means of a private offering memorandum.About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world’s leading car sharing network, with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group is headquartered in Parsippany, N.J.
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