This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Avis Budget Group Commences Tender Offer For $450 Million 9 5/8% Senior Notes Due 2018 And 9.75% Senior Notes Due 2020

Stocks in this article: CAR

PARSIPPANY, N.J., March 19, 2013 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (Nasdaq:CAR) (the "Company") announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. (collectively, the "Issuers"), have commenced cash tender offers (the "Offers") to purchase any and all of the Issuers' outstanding $450 million in aggregate principal amount of 9 5/8% Senior Notes due 2018 (the "2018 Notes") and to purchase in an aggregate purchase price up to the Modified Dutch Auction Cap (as defined below) of their 9.75% Senior Notes due 2020 (the "2020 Notes" and together with the 2018 Notes, the "Notes") on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (as it may be amended or supplemented from time to time, the "Offer to Purchase"). The Offers are scheduled to expire at 11:59 p.m., New York City Time, on April 16, 2013, unless extended (such time and date, as the same may be extended, the "Expiration Date"), and are expected to be funded primarily with the net proceeds of a concurrent offering of $450 million of senior notes due 2023.

Information relating to the Notes subject to the Offers is set forth in the table below.

Title of Notes  CUSIP Number Outstanding Principal Amount Early Tender Premium (1) Total Consideration (Bid Price Range)(1)(2)
9 5/8% Senior Notes due 2018 053773 AL1 $450,000,000 $30.00 $1,127.50
9.75% Senior Notes due 2020 053773 AQ0 $250,000,000 $30.00 $1,165.00 - $1,190.00
_____________        
(1)  Per $1,000 principal amount of Notes validly tendered (and not validly withdrawn) at or prior to the applicable Early Tender Deadline and accepted for purchase.
(2)  Includes the applicable Early Tender Premium.

Holders who validly tender (and do not validly withdraw) 2018 Notes at or prior to 5:00 p.m., New York City time, on April 2, 2013, unless extended (the "Early Tender Deadline"), will receive the "2018 Notes Total Consideration," which for each $1,000 principal amount of 2018 Notes is equal to $1,127.50, including an "Early Tender Premium" of $30.00 per $1,000 principal amount of 2018 Notes. Holders who validly tender 2018 Notes after the Early Tender Deadline will not be eligible to receive the Early Tender Premium, and instead will be entitled to receive only the "2018 Notes Offer Consideration" which is equal to the 2018 Notes Total Consideration minus the Early Tender Premium.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs