Avis Budget sets initial talk on €350 million long seven-year notes at high 4% area

By Paul A. Harris

Portland, Ore., Sept. 26 – Avis Budget Finance plc set initial price talk for its €350 million offering of senior notes due January 2026 (expected B1/confirmed BB) in the high 4% area, according to a market source.

The roadshow continues on London's West End on Thursday, and the Rule 144A and Regulation S for life offering is expected to price later the same day.

Joint bookrunner Credit Agricole CIB will bill and deliver. Barclays, Deutsche Bank and JPMorgan are also joint bookrunners. BNP Paribas, Lloyds, Natixis and UniCredit are the co-managers.

The long seven-year notes become callable after three years at par plus 50% of the coupon.

The Parsippany, N.J.-based vehicle rental company plans to use the proceeds to redeem its 5 1/8% senior notes due 2022, with any remaining proceeds to be used for general corporate purposes.

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