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|(1) Per $1,000 principal amount of Notes validly tendered (and not validly withdrawn) at or prior to the applicable Early Tender Deadline and accepted for purchase.|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.|