Commentary & Deal Flow

Avis Budget Finance plc (CAR) EUR200m 144A/Reg S add-on to its 7.25% sr notes due 07/31/30 (7.25y). NC2.25 (07/31/26) (MWC B+50bp), then at 103.625, 101.8125, 100. Equity claw: 2.25y 40% at 107.25. Expect B1/BB- (stable/stable). Via MS (B&D)/CA jt physical books/BofA/RBC/SocGen/TSI/JPM/BMO/Mizhuho/MUFG jt books, Citizens, Regions as co-managers. No reg rights. List ISE. NY law. Existing Reg S ISIN: XS2648489891. Immediately 144A fungible (Reg S after 40 days) with the EUR400m issue priced 07/06/23.

IPT: 100 area.

Roadshow today-tomorrow (investor call at 11:30am UKT today). UOP: GCP, which may include repaying debt, including repaying fleet debt. Biz: an indirect sub of Avis Budget Group Inc, a provider of car rental services. HQ: Parsippany, NJ.