Business News: Avis Budget Group Announces Closing of $400 Million Senior Notes Offering

Business News: Avis Budget Group Announces Closing of $400 Million Senior Notes Offering

PARSIPPANY, NJ (STL.News) – Avis Budget Group, Inc. (NASDAQ: CAR) announced Wednesday that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., have completed an offering of $400 million aggregate principal amount of 5.75% Senior Notes due 2027 in a private offering.

Avis Budget Group intends to use the net proceeds from the notes offering, together with cash on hand, to redeem a portion of its outstanding 5.50% Senior Notes due 2023 and pay related fees and expenses, with any remainder to be used for general corporate purposes. 

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