Attached files
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| 8-K - AVIS BUDGET GROUP INC 8-K 10-29-2009 - AVIS BUDGET GROUP, INC. | form8-k.htm |
| EX-10.1 - EXHIBIT 10.1 - AVIS BUDGET GROUP, INC. | ex10_1.htm |
Exhibit
99.1
Press
Release
AVIS
BUDGET GROUP COMPLETES
ASSET-BACKED
CONDUIT FINANCING RENEWAL
Parsippany, N.J., October 29,
2009 – Avis Budget Group, Inc. (NYSE: CAR), a leading provider
of vehicle rental services, today announced that it has completed the annual
renewal of the asset-backed bank conduit facilities which provide a portion of
the financing for its car rental fleet in the United States. At the
Company’s request, the two existing facilities, which had provided for $1.35
billion and $1.1 billion of financing, respectively, were combined into a single
$1.95 billion facility.
The
conduit financing has been extended through October 28, 2010, and now bears
interest of LIBOR plus 2.25%, representing a reduction of 100 basis points
versus the prior rate.
“We are
pleased to have renewed this conduit financing ahead of schedule, at a reduced
borrowing spread, and with all lenders affirmatively continuing to participate,”
said David B. Wyshner, Avis Budget Group Executive Vice President and Chief
Financial Officer. “With this renewal and our other recent financing
activities, we have not only refinanced all of our near-term domestic debt
maturities but have sufficient capacity to fund our domestic fleet requirements
for the next year.”
About Avis Budget Group,
Inc.
Avis
Budget Group is a leading provider of vehicle rental services, with operations
in more than 70 countries. Through its Avis and Budget brands, the
Company is the largest general-use vehicle rental company in each of North
America, Australia, New Zealand and certain other regions based on published
airport statistics. Avis Budget Group is headquartered in Parsippany,
N.J. and has more than 24,000 employees. For more information
about Avis Budget Group, visit www.avisbudgetgroup.com.
Forward-Looking
Statements
Certain
statements in this press release constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Statements preceded by, followed by or
that otherwise include the words "believes", "expects", "anticipates",
"intends", "projects", "estimates", "plans", "may increase", "may fluctuate",
"forecast" and similar expressions or future or conditional verbs such as
"will", "should", "would", "may" and "could" are generally forward-looking in
nature and not historical facts. Any statements that refer to
expectations or other characterizations of future events, circumstances or
results are forward-looking statements.
Various
risks that could cause future results to differ from those expressed by the
forward-looking statements included in this press release include, but are not
limited to, a weaker-than-anticipated economic environment, the high level of
competition in the vehicle rental industry, greater-than-expected cost increases
for new vehicles, disposition of vehicles not covered by manufacturer repurchase
programs, the financial condition of the manufacturers of our cars, a
greater-than-anticipated downturn in airline passenger traffic, an occurrence or
threat of terrorism, our ability to obtain financing for our operations,
including the funding of our vehicle fleet via the asset-backed securities
market and the financial condition of financial-guaranty firms that have insured
a portion of our outstanding vehicle-backed debt, higher-than-expected fuel
costs, fluctuations related to the mark-to-market of derivatives which hedge our
exposure to exchange rates, interest rates and fuel costs, the Company’s ability
to meet or amend financial covenants associated with its borrowings and the
Company’s ability to accurately estimate its future results and implement its
strategy for cost savings and growth, particularly in the current
environment. Other unknown or unpredictable factors also could have
material adverse effects on Avis Budget Group’s performance or
achievements. In light of these risks, uncertainties, assumptions and
factors, the forward-looking events discussed in this press release may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated, or if no
date is stated, as of the date of this press release. Important
assumptions and other important factors that could cause actual results to
differ materially from those in the forward-looking statements are specified in
Avis Budget Group's Annual Report on Form 10-K for the year ended December 31,
2008 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2009
included under headings such as "Forward-Looking Statements", "Risk Factors" and
"Management’s Discussion and Analysis of Financial Condition and Results of
Operations" and in other filings and furnishings made by the Company with the
SEC from time to time. Except for the Company's ongoing obligations
to disclose material information under the federal securities laws, the Company
undertakes no obligation to release publicly any revisions to any
forward-looking statements, to report events or to report the occurrence of
unanticipated events unless required by law.
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Contacts
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Media
Contacts:
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Investor
Contact:
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John
Barrows
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David
Crowther
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973-496-7865
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973-496-7277
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