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Avis Budget Group announced the pricing of €200 million in additional 7.25% Senior Notes due 2030 through its subsidiary, Avis Budget Finance. These Notes will be added to the €400 million previously issued under the same terms. Priced at 100.25% of face value, the offering will close on May 21, 2024, pending standard conditions. Proceeds will be used for general corporate purposes, including debt repayment. The Notes are offered only to qualified institutional buyers under Rule 144A of the Securities Act and will not be registered in the U.S. This announcement does not constitute an offer to sell or buy any securities.
Avis Budget Group, Inc. (NASDAQ: CAR) announced its intention to offer €200 million of Senior Notes through its subsidiary, Avis Budget Finance plc, for general corporate purposes. The Notes will be issued under an existing Indenture and guaranteed by the Company and its U.S. subsidiaries. The offering will target qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S. This press release is not an offer to buy or sell securities, and the Notes have not been registered under the Securities Act.
Avis Budget Group, Inc. (NASDAQ: CAR) reported strong financial results for the first quarter of 2024, with revenues reaching $2.6 billion driven by robust travel demand. Despite a net loss of $113 million, their Adjusted EBITDA stood at $12 million. The company's liquidity position was strong, with approximately $0.7 billion in cash and $3.8 billion in fleet funding capacity. Avis Budget Group is well-positioned for the upcoming spring and summer travel seasons.
