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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
COND
PRCD
CAR
Avis Budget Finance PLC€600
1USOA
Feb 21, 2024
currency
EUR
size (m)
600.000
maturity
Feb 28, 2029
type
Fixed
tenor
5.000
call
2.00
registration
144A/Reg S
benchmark
-
ranking
Sr. Unsecured
moody's
B1
s&p
BB-
fitch
-
size description
-
re-open/tap
No
ipt
mid-low 7s
ipt-pxd
-
guidance
7.00-7.125%
spread
459
coupon
7.000%
spread set
-
price
100.00000
yield
7.000%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
BNP, JPM, LLY, MOS, ...
passive leads
-
co-managers
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
BNP, JPM, LLY, MOS, ...
passive leads
-
co-managers
coordinating managers
-
Tranche Comments
Redemption: 2026-02-28; Registration: 144A/Reg S; Comments: B&D: CAG;
Deal Comments
02/21/2024 Avis Budget Finance plc (CAR) EUR600m (up from EUR400m) 144A/Reg S sr notes due 02/28/29 (5y). NC2 (MWC B+50bp), then at 103.50, 101.75, 100. Equity claw: 2y 40% at 107.00. B1/BB- (stable/stable). Via CA (B&D)/Barc jt physical books/BNP/Scotia/WFS/Lloyds/UniCredit/JPM/MS jt books, NatWest, USB as co-managers. No reg rights. List ISE. NY law. Settles 02/28 (T+5). Reg S ISIN: XS2769426623. IPT: low-mid 7s. Px talk: 7.00%-7.125%. Final terms: EUR600m at 7.00%. Priced: 7.00% at 100. +459bp vs OBL 2.10% 04/12/29. Roadshow London 02/20, Paris 02/21 (investor call at 1pm UKT 02/20). Books closed at 2:45pm UKT (from 2pm UKT) 02/21. UOP: redeem its EUR350m 4.75% sr notes due 01/30/26 (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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