Attached files
| file | filename |
|---|---|
| EX-4.2 - FORM OF NOTES - AVIS BUDGET GROUP, INC. | notes.htm |
| EX-4.1 - INDENTURE - AVIS BUDGET GROUP, INC. | indenture.htm |
| EX-10.1 - SECOND AMENDMENT - AVIS BUDGET GROUP, INC. | secondamendment.htm |
| EX-10.2 - REGISTRATION RIGHTS AGREEMENT - AVIS BUDGET GROUP, INC. | registrationrightsagreement.htm |
| 8-K - AVIS BUDGET GROUP, INC. FORM 8-K DATED MARCH 10, 2010 - AVIS BUDGET GROUP, INC. | abg8k03102010.htm |
Exhibit
99.1
Press
Release
AVIS
BUDGET GROUP AMENDS EXISTING CREDIT FACILITY AND COMPLETES OFFERING OF SENIOR
NOTES
PARSIPPANY, N.J., March 10, 2010
- Avis Budget Group, Inc. (NYSE: CAR) announced today
that it has completed an amendment of its existing senior secured credit
facility, as well as its recently announced offering of $450 million aggregate
principal amount of senior notes due 2018.
The
credit facility amendment and senior notes offering:
|
·
|
extend
the maturity of nearly $1.0 billion of revolving credit commitments (under
which no borrowings are currently outstanding) by two years, to
2013;
|
|
·
|
revise
the financial and non-financial covenants in the credit facility to
provide significantly greater flexibility to the
Company;
|
|
·
|
result
in the repayment of approximately $450 million of outstanding term loan
borrowings; and
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|
·
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extend
the maturity of approximately $275 million of remaining term loan
borrowings by two years, to 2014.
|
"We are
extremely pleased to have executed against our plan to refinance and extend
future corporate debt maturities well in advance of their stated maturity
dates," said David B. Wyshner, Avis Budget Group executive vice president and
chief financial officer. "The transactions that we completed today
demonstrate our strong access to the capital markets and the confidence of our
bank lending group in our prospects. Our corporate debt maturities
over the next three years now total only $50 million, and we feel very good
about our current capitalization and liquidity position."
The 9⅝%
senior notes due 2018 were priced at 98.634% of par. They are senior
unsecured obligations of the Company's Avis Budget Car Rental, LLC subsidiary
and are guaranteed on a senior basis by Avis Budget Group, Inc. and certain of
its domestic subsidiaries. Net proceeds from the offering were used
primarily to repay outstanding term loan borrowings which, including the effect
of interest rate hedges, carried an effective interest rate of approximately
9.2%.
The
senior notes and the related guarantees have not been registered under the 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 the
registration requirements. This press release shall not constitute an
offer to sell nor the solicitation of an offer to buy the senior notes or any
other securities and shall not 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. Any offers of the senior notes will be made only by means of a
private offering memorandum.
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