This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

As more fully described in the Offer to Purchase, the Clearing Premium for the Offer for the 2020 Notes will be the lowest single bid premium (the amount by which bid price exceeds the Base Price) at which the Issuers will be able to purchase 2020 Notes in an aggregate principal amount equal to the Modified Dutch Auction Cap. If the aggregate amount of 2020 Notes validly tendered (and not validly withdrawn) at or below the Clearing Premium would cause the Issuers to purchase more than the Modified Dutch Auction Cap for the Offer for the 2020 Notes, then holders of 2020 Notes tendered at the Clearing Premium will be subject to proration as described in the Offer to Purchase.

In addition, the Issuers will pay accrued and unpaid interest on all Notes tendered and accepted for payment in the Offers from the last interest payment date up to, but not including, the applicable settlement date.

Tenders for Notes may be validly withdrawn at any time prior to 5:00 p.m., New York City time, or April 2, 2013, unless extended (the "Withdrawal Deadline"), but not thereafter unless otherwise required by applicable law.

The Issuers reserve the right, in their sole discretion, to increase the Modified Dutch Auction Cap for the 2020 Notes. If the Issuers increase the Modified Dutch Auction Cap, they do not currently intend to extend the Withdrawal Deadline or otherwise reinstate withdrawal rights.

The consummation of the Offers is conditioned upon, among other things, the Issuers receiving proceeds from their proposed notes offering, which has been launched concurrently with the Offers, in an aggregate principal amount of at least $450.0 million. If any of the conditions are not satisfied, the Issuers may terminate one or both of the Offers and return tendered Notes. The Issuers have the right to waive any of the foregoing conditions with respect to the Notes and to consummate the Offers. In addition, the Issuers have the right, in their sole discretion, to terminate either of the Offers at any time, subject to applicable law.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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!


DOW 18,136.96 +40.06 0.22%
S&P 500 2,099.51 +0.98 0.05%
NASDAQ 4,977.8780 +10.7370 0.22%

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