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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
COND
PRCD
CAR
Avis Budget Finance PLC€400
1USOA
Jul 6, 2023
currency
EUR
size (m)
400.000
maturity
Jul 31, 2030
type
Fixed
tenor
7.000
call
3.00
registration
144A/Reg S
benchmark
-
ranking
Sr. Unsecured
moody's
B1
s&p
BB-
fitch
-
size description
-
re-open/tap
No
ipt
low 7s
ipt-pxd
-
guidance
7.25% area
spread
464
coupon
7.250%
spread set
-
price
100.00000
yield
7.250%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
coordinating managers
-
Tranche Comments
Redemption: 2026-07-31; Registration: 144A/Reg S;
Deal Comments
07/06/2023 Avis Budget Finance plc (CAR) EUR400m 144A/Reg S sr notes due 07/31/30 (7y). NC3 (MWC B+50bp), then at 103.625, 101.8125, 100. Equity claw: 3y 40% at 107.25. B1/BB- (stable/stable). Via Barc (B&D)/CA jt physical books/BNP/Citi jt books, BMO, Lloyds, Scotia, UniCredit as co-managers. No reg rights. List ISE. NY law. Settles 07/13 (T+5). Reg S ISIN: XS2648489891. IPT: low 7s. Px talk: 7.25% area. Priced: 7.25% at 100. +464bp vs DBR 0.00% 08/15/30. Did investor call at 11:30am UKT 07/05. Books closed at 3pm UKT 07/06. UOP: redeem its EUR300m 4.125% sr notes due 11/15/24 (callable at 100), and GCP, which may include the repayment of debt. Biz: an indirect sub of Avis Budget Group Inc, a provider of car rental services. HQ: Parsippany, NJ.

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