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

PARSIPPANY, N.J., April 17, 2013 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (Nasdaq:CAR) (the "Company") announced today the expiration and final 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").

As of 11:59 p.m., New York City time, on April 16, 2013 (the "Expiration Date"), $325,595,000 in aggregate principal amount of 2018 Notes, representing approximately 72% of the aggregate principal amount outstanding of 2018 Notes, and $25,628,000 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approximately 10% of the aggregate principal amount outstanding of 2020 Notes, were validly tendered and not validly withdrawn.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 is subject to the terms and the conditions set forth in the Offer to Purchase, dated March 19, 2013 (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 Notes that were validly tendered at or prior to the Expiration Date (the "Final Settlement") in accordance with the terms and conditions set forth in the Offer to Purchase.

The Issuers intend to fund the Final Settlement of the Notes with the net proceeds of their offering of $500 million aggregate principal amount of 5.50% senior notes due 2023, which was completed on April 3, 2013.

As previously announced, holders who validly tendered and did not validly withdraw 2018 Notes after 5:00 p.m., New York City time, on April 2, 2013 (the "Early Tender Deadline"), but prior to the Expiration Date are not eligible to receive the 2018 Notes Early Tender Premium (as defined in the Offer to Purchase), and instead are entitled to receive the "2018 Offer Consideration," which for each $1,000 principal amount of 2018 Notes is equal to $1,097.50.

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