Avis budget group announces pricing of $350 million of senior notes

Parsippany, n.j., aug. 04, 2020 (globe newswire) -- avis budget group, inc. (nasdaq: car) (the “company”) announced today that its wholly-owned subsidiaries, avis budget car rental, llc and avis budget finance, inc. (together, the “issuers”), priced an offering of $350 million aggregate principal amount of 5.75% senior notes due 2027 (the “notes”) in a private offering. the notes will be issued as additional notes under the indenture, dated as of july 3, 2019, pursuant to which the issuers previously issued $400 million aggregate principal amount of 5.75% senior notes due 2027. the notes will have a maturity date of july 15, 2027. the closing of the offering of the notes is expected to occur on august 6, 2020, subject to customary closing conditions. the notes were priced at 92% of their face value and will be guaranteed on a senior unsecured basis by avis budget group, inc. and certain of its u.s. subsidiaries.
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