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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Avis Budget Group Announces Early Results Of Tender Offer For 9 5/8% Senior Notes Due 2018 And 9.75% Senior Notes Due 2020

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").

As previously announced, holders who validly tendered (and did not validly withdraw) 2018 Notes at or prior to 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 but before the Expiration Date 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.

As more fully described in the Offer to Purchase, the consideration payable for each $1,000 principal amount of 2020 Notes will be determined based on a modified "Dutch Auction" procedure subject to a limit on the aggregate purchase price to be paid for the 2020 Notes to be repurchased by the Issuers (the "Modified Dutch Auction Cap") equal to $450 million minus the aggregate purchase price paid for all 2018 Notes accepted for purchase. Holders who validly tendered (and did not validly withdraw) 2020 Notes at or prior to the Early Tender Deadline, and whose Notes are accepted for purchase by the Issuers, will receive the applicable "2020 Notes Total Consideration," including an Early Tender Premium of $30.00 per $1,000 principal amount of 2020 Notes. Holders who validly tender 2020 Notes after the Early Tender Deadline but before the Expiration Date will not be eligible to receive the Early Tender Premium, and will be entitled to receive only the "2020 Notes Offer Consideration" which is equal to the 2020 Notes Total Consideration minus the Early Tender Premium.

The deadline to validly withdraw tenders of Notes was on April 2, 2013; therefore Notes that have been tendered and not validly withdrawn, and Notes tendered after that date, may not be withdrawn unless otherwise required by applicable law.

2 of 3

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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

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