Avis Budget Group Announces Closing of $350 Million Senior Notes Offering

PARSIPPANY, N.J., March 29, 2016 -- Avis Budget Group, Inc. (NASDAQ:CAR) announced today that its wholly-owned subsidiary, Avis Budget Car Rental, LLC, has completed an offering of $350 million aggregate principal amount of 6.375% senior notes due 2024. 

The Company intends to use the proceeds of the offering to redeem its outstanding $300 million of 4.875% senior notes due 2017, with the remainder to be used for general corporate purposes.

“We were pleased with the high level of investor interest for this offering, which underscores our ability to tap the capital markets as needed to finance and grow our business,” said David B. Wyshner, Avis Budget Group President and Chief Financial Officer. 

The newly-issued notes are senior unsecured obligations of Avis Budget Car Rental, LLC, were issued at par and will be guaranteed on a senior basis by Avis Budget Group and certain of its domestic subsidiaries. 

This press release shall not constitute an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer, solicitation or sale of any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.  Any offers of the notes were made only by means of a private offering memorandum.  

Forward-Looking Statements

This press release contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.  Such risks and uncertainties include, but are not limited to, the anticipated use of the proceeds of the offering.  Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Avis Budget Group’s Annual Report on Form 10-K for the year ended December 31, 2015 and in other filings and furnishings made by the Company with the SEC from time to time.  Except to the extent required by applicable federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

About Avis Budget Group

Avis Budget Group, Inc. is a leading global provider of vehicle rental services, 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 nearly one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 30,000 employees and is headquartered in Parsippany, N.J. More information is available at www.avisbudgetgroup.com.

Contacts
Media Contact:
Alice Pereira
(973) 496-3916
[email protected]

Investor Contact:
Neal Goldner
(973) 496-5086
[email protected]