Avis Budget Group Inc. Announces Issuance of $600 Million in Senior Notes With 8.375% Interest for Debt Repayment and Corporate Purposes
Avis Budget Group Inc. has announced the issuance of $600 million in 8.375% Senior Notes due 2032, through its subsidiaries Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. The proceeds from this issuance are intended for general corporate purposes, including the repayment of existing debts such as the floating rate term loan A maturing in December 2025, a portion of its outstanding fleet debt, and part of its 5.750% Senior Notes due 2027. The Notes, which mature on June 15, 2032, will accrue interest from May 19, 2025, with semi-annual payments starting December 15, 2025. Additionally, the Notes can be redeemed partially or in full before June 15, 2028, under specific conditions. This move is part of Avis Budget's broader financial strategy to manage its debt portfolio efficiently.
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