Attached files
| file | filename |
|---|---|
| EX-10.1 - SERIES 2010-2 SUPPLEMENT - AVIS BUDGET GROUP, INC. | series20102supplement.htm |
| EX-10.2 - SERIES 2010-3 SUPPLEMENT - AVIS BUDGET GROUP, INC. | series20103supplement.htm |
| 8-K - AVIS BUDGET GROUP, INC. MARCH 23, 2010 FORM 8-K - AVIS BUDGET GROUP, INC. | avisbudgetgroup8k.htm |
Exhibit
99.1
Press
Release
AVIS
BUDGET GROUP COMPLETES $580 MILLION
ASSET-BACKED
BOND OFFERING
PARSIPPANY, N.J., March 23, 2010
- Avis Budget Group, Inc. (NYSE: CAR) announced today
that its Avis Budget Rental Car Funding LLC (AESOP) subsidiary has completed a
multi-tranche offering of approximately $580 million of three-year and five-year
asset-backed bonds. The
transaction is the first multi-tranche asset-backed securities offering by a
rental-car company since 2003. Based on the Company’s current fleet
composition, the bonds are expected to provide the Company with an advance rate
of approximately 72% on applicable collateral.
“We are
very pleased by the strong investor interest in our asset-backed
securities. This transaction allows us to achieve advance rates and
interest rates comparable to pre-2008 levels,” said David B. Wyshner, Avis
Budget Group Executive Vice President and Chief Financial
Officer. “Our strategy is to opportunistically refinance upcoming
debt maturities well in advance of their stated maturities dates, and this
offering is in line with that practice.”
The
multi-tranche $463 million Series 2010-3 asset-backed bonds were priced to yield
4.98% in the aggregate and have an expected final payment date in May
2015. The multi-tranche $116 million Series 2010-2 asset-backed bonds
were priced to yield 3.96% in the aggregate and have an expected final payment
date in August 2013. The combined series have $500 million of
asset-backed bonds rated Aaa by Moody’s Investors Service and AAA by DBRS, and
approximately $79 million of asset-backed bonds rated Baa2 by Moody’s Investors
Service and BBB (high) by DBRS.
The
Series 2010-2 and Series 2010-3 asset-backed bonds have not been and will not be
registered under the Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent registration or an applicable exemption from
registration requirements. This press release shall not constitute an
offer to sell nor the solicitation of an offer to buy the Series 2010-2 and
Series 2010-3 asset-backed bonds, nor shall it constitute an offer, solicitation
or sale in any jurisdiction in which, or to any person to whom, such an offer,
solicitation or sale is unlawful.
Forward-Looking
Statements
This
press release contains certain forward-looking statements that are subject to
known and unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
statements. 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, 2009 including 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 to the extent required by applicable 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.
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 a leading general-use vehicle rental company in each of North
America, Australia, New Zealand and certain other regions. Avis
Budget Group is headquartered in Parsippany, N.J. and has approximately 23,000
employees. For more information about Avis Budget Group, visit
www.avisbudgetgroup.com.
Media
Contact Investor
Contact
John
Barrows Neal
Goldner
(973)
496-7865
(973) 496-5086
John.Barrows@avisbudget.com Neal.Goldner@avisbudget.com