Avis Budget Prices $500M 8.00% Senior Notes Due 2031
Portfolio Pulse from Benzinga Newsdesk
Avis Budget Group, Inc. has priced $500 million of 8.00% senior notes due 2031, with an expected closing date of November 22, 2023. The notes will be issued at 99.341% and are guaranteed on a senior unsecured basis by the company and certain U.S. subsidiaries.
November 16, 2023 | 7:30 am
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Avis Budget Group, Inc. is raising $500 million through senior notes at 8.00% interest, due 2031, to be closed on November 22, 2023.
The pricing of the senior notes indicates Avis Budget Group's move to raise capital, which could be used for various corporate purposes. The interest rate of 8.00% reflects current market conditions and investor demand. This news is important for investors as it affects the company's capital structure and interest obligations. However, without further details on the use of proceeds or the company's financial strategy, the short-term impact on the stock price is likely neutral.
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IMPORTANCE 75
RELEVANCE 100