Avis budget group announces pricing of $500 million of senior secured notes

Parsippany, n.j., may 05, 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., priced an offering of $500 million aggregate principal amount of 10.500% senior secured notes due 2025 in a private offering, which represents a $100 million increase in the previously announced size of the offering. the notes will have a maturity date of may 15, 2025. the closing of the offering of the notes is expected to occur on or about may 12, 2020, subject to customary closing conditions. the notes were priced at 97% of their face value and will be guaranteed by avis budget group, inc. and certain of its u.s. subsidiaries.
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