Avis Budget Group, Inc. (CAR), Wednesday announced that its subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., plan to offer $500 million aggregate principal amount of senior notes due 2032.
The proceeds from the private offering would be utilized for corporate-related purposes, such as repayment of indebtedness, including, without limitation, repayment of the company's floating rate term loan A maturing in December 2025 and a portion of its outstanding fleet debt.
In the pre-market hours, Avis Budget's stock is trading at $109.99, up 3.42 percent on the Nasdaq.
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