OREANDA-NEWS. Avis Budget Group, Inc. (NASDAQ:CAR) announced today that its wholly-owned subsidiary, Avis Budget Car Rental, LLC, has completed an offering of $350 million aggregate principal amount of 6.375% senior notes due 2024. 

The Company intends to use the proceeds of the offering to redeem its outstanding $300 million of 4.875% senior notes due 2017, with the remainder to be used for general corporate purposes.

"We were pleased with the high level of investor interest for this offering, which underscores our ability to tap the capital markets as needed to finance and grow our business," said David B. Wyshner, Avis Budget Group President and Chief Financial Officer. 

The newly-issued notes are senior unsecured obligations of Avis Budget Car Rental, LLC, were issued at par and will be guaranteed on a senior basis by Avis Budget Group and certain of its domestic subsidiaries. 

This press release shall not constitute an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer, solicitation or sale of any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.  Any offers of the notes were made only by means of a private offering memorandum.  

About Avis Budget Group

Avis Budget Group, Inc. is a leading global provider of vehicle rental services, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world's leading car sharing network, with nearly one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 30,000 employees and is headquartered in Parsippany, N.J.