Commentary & Deal Flow

Avis Budget Finance plc (CAR) EUR400m 144A/Reg S sr notes due 2029 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Expect 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. Roadshow London today, Paris tomorrow (investor call at 1pmm UKT today). 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.