by Stephen Carter
May 14, 2024 10:57 AM ET
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. 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. Settles 05/21 (T+5). Existing Reg S ISIN: XS2648489388. Immediately 144A fungible (Reg S after 40 days) with the EUR400m issue priced 07/06/23. IPT: 100 area. Price talk: 100.00-100.50.
Priced: 7.25% add-on at 100.25, 7.196% YTM. +475bp vs DBR 0.00% 08/15/30.
Roadshow 05/13-14 (investor call at 11:30am UKT 05/13). Books closed at 2pm UKT (9am NYT) today. UOP: GCP, which may include repaying debt, including repaying fleet debt (roughly $19.4bn outstanding). Biz: an indirect sub of Avis Budget Group Inc, a provider of car rental services. HQ: Parsippany, NJ.