Commentary & Deal Flow

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 yesterday, Paris today (investor call at 1pm UKT yesterday). Books closed at 2:45pm UKT (from 2pm 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.