PARSIPPANY, N.J., April 3, 2013 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (Nasdaq:CAR) (the "Company") announced today the early results of the previously announced cash tender offers (the "Offers") by its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. (collectively, the "Issuers"), 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").
The Offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase, dated March 19, 2013 (as it may be amended or supplemented from time to time, the "Offer to Purchase").
As of 5:00 p.m., New York City time, on April 2, 2013 (the "Early Tender Deadline"), $325,420,000 in aggregate principal amount of 2018 Notes, representing approximately 72% of the aggregate principal amount outstanding of 2018 Notes, and $25,623,000 in aggregate principal amount of 2020 Notes, representing approximately 10% of the aggregate principal amount outstanding of 2020 Notes, were validly tendered and not validly withdrawn. Acceptance by the Issuers of any Notes tendered will be subject to the terms and the conditions set forth in the Offer to Purchase.The Issuers have accepted for payment and will settle the tender offer with respect to all of the aggregate principal amount of 2018 Notes that were validly tendered at or prior to the Early Tender Date (the "Early Settlement"). The Issuers intend to fund the Early Settlement of the 2018 Notes, and intend to fund further settlement of the Offers with the net proceeds of their offering of $500 million aggregate principal amount of 5.50% senior notes due 2023, which was completed today, concurrently with the Early Settlement.
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