Avis Budget issues $600M of 8.375% Senior Notes due 2032 for refinancing

AVIS BUDGET GROUP, INC.

Issued $600M of 8.375% Senior Notes due June 15, 2032; interest payable semi-annually starting Dec 15, 2025.
Proceeds to repay floating rate term loan A due Dec 2025, fleet debt, and part of 5.75% Senior Notes due 2027.
Notes are senior unsecured, guaranteed by parent Avis Budget Group and certain domestic subsidiaries.
Issuers may redeem notes at any time before June 15, 2028 at make-whole premium; thereafter at specified prices.
Change of control triggers repurchase offer at 101% of principal plus accrued interest to repurchase date.

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