Commentary & Deal Flow

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 yesterday. Books closed at 3pm UKT today. 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.