Avis Budget Group announced that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. intend, subject to market and other customary conditions, to offer $500 million aggregate principal amount of senior notes due 2031 in a private offering. The Notes will be guaranteed on a senior unsecured basis by Avis Budget Group, Inc. and certain of its U.S. subsidiaries. The Company intends to use the net proceeds from the Notes offering to redeem all of the outstanding 4.500% senior notes due 2025 issued by Avis Budget Finance plc, repay a portion of its floating rate term loan C maturing in 2029 and pay fees and expenses in connection with the foregoing, with the remainder to be used for general corporate purposes.
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