Avis Budget issues $500M of 8.000% Senior Notes due 2031

AVIS BUDGET GROUP, INC.

Issuers: Avis Budget Car Rental and Avis Budget Finance, Inc. (wholly-owned subsidiaries).
Net proceeds to redeem all outstanding 4.500% Senior Notes due 2025, repay part of floating rate term loan C due 2029, pay fees, and general corporate purposes.
Notes mature Feb 15, 2031; interest 8.000% payable semi-annually from May 15, 2024.
Senior unsecured obligations guaranteed by Avis Budget Group and certain restricted subsidiaries.
Redemption prior to Nov 15, 2026 at make-whole premium; change of control repurchase at 101%.

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