PARSIPPANY, N.J., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. priced an offering of $600 million aggregate principal amount of 5.375% senior notes due 2029 in a private offering. The Notes will have a maturity date of March 1, 2029. The closing of the offering of the Notes is expected to occur on March 1, 2021, subject to customary closing conditions. The Notes will be issued at par and guaranteed on a senior unsecured basis by the Company and certain of its U.S. subsidiaries.

The Company intends to use the net proceeds from the Notes offering, together with cash on hand, to redeem all of the Issuers’ outstanding 10.500% senior secured notes due 2025 and pay related premium, fees and expenses.

About Avis Budget Group

Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 10,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world's leading car sharing network, with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group is headquartered in Parsippany, N.J.