Avis Budget Group, Inc. (CAR) Tuesday said that its wholly owned subsidiaries Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. have started tender offers to purchase $450 million in aggregate principal amount of 9 5/8 percent Senior Notes due 2018 and in an aggregate purchase price up to the Modified Dutch Auction Cap of their 9.75 percent Senior Notes due 2020.
The company said the offers have been scheduled to expire at 11:59 p.m., New York City Time, on April 16, unless extended and are expected to be funded primarily with the net proceeds of a concurrent offering of $450 million of senior notes due 2023.
The 9 5/8 percent notes come at an early tender premium of $30 for a total consideration of $1,127.50. The 9.75 percent notes come at an early tender premium of $30 for a total consideration of $1,165 to $1,190.
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