Commentary & Deal Flow

Avis Budget Finance plc (CAR) EUR400m 144A/Reg S sr notes due 2030 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. B1/(expect 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. IPT: low 7s.

Px talk: 7.25% area.

Did investor call at 11:30am UKT yesterday. Books close at 3pm UKT today. Pricing today UK afternoon. 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.