Simpson Thacher represented the initial purchasers in connection with an offering by subsidiaries of Avis Budget Group, Inc. (“Avis Budget Group”) of $300 million aggregate principal amount of 8.000% Senior Notes due 2031 pursuant to Rule 144A and Regulation S. The notes were issued as additional notes under an indenture pursuant to which Avis Budget Group previously issued $500 million aggregate principal amount of 8.000% Senior Notes due 2031.
Avis Budget Group intends to use the net proceeds from the offering, together with cash on hand, to redeem a portion of its 5.750% Senior Notes due 2027 and to pay fees and expenses in connection therewith.
Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have approximately 10,000 rental locations in approximately 180 countries around the world and through its Zipcar brand, which is the world’s leading car sharing network. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly and operates primarily through licensees in other parts of the world.
The Simpson Thacher team included John C. Ericson, John O’Connell, Erin Camia, Delia Li and Anna Cho (Capital Markets); Jonathan Cantor and Preston Irace (Tax); Ryan Stott (Executive Compensation and Employee Benefits); Ron Ben-Yehuda, Christine Song and Isabella Gonzalez (Intellectual Property); and Jennie Getsin (Blue Sky).