Avis Budget’s $600 Million Senior Notes Offering

Simpson Thacher represented the initial purchasers in the offering.

Subsidiaries of Avis Budget Group, Inc. executed the offering of $600 million aggregate principal amount of 5.375% Senior Notes due 2029 pursuant to Rule 144A and Regulation S.

Avis Budget Group used the net proceeds from the offering, together with cash on hand, to redeem the outstanding $600 million in aggregate principal amount of the Avis Budget Group’s 10.5% Senior Secured Notes due 2025.

The Initial Purchasers included Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays Capital Inc., Credit Agricole Securities (USA) Inc., Scotia Capital (USA) Inc., MUFG Securities Americas Inc., RBC Capital Markets, LLC, Truist Securities, Inc., BMO Capital Markets Corp., SMBC Nikko Securities America, Inc., UniCredit Capital Markets LLC, BNP Paribas Securities Corp., Lloyds Securities Inc., Natixis Securities Americas LLC, NatWest Markets Securities Inc., SG Americas Securities, LLC, HSBC Securities (USA) Inc., U.S. Bancorp Investments, Inc., DNB Markets, Inc. and KBC Securities USA LLC.

Avis Budget Group is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 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, with more than one million members. 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 (Picture), John O’Connell and Kirsten Harmon (Capital Markets); Jonathan Cantor and Suzy Yaster (Tax); Jennifer Neilsson (Executive Compensation and Employee Benefits); Genevieve Dorment (Intellectual Property); Timothy Gallagher (Real Estate); and Jennie Getsin (Blue Sky).

Involved fees earner: Jonathan Cantor – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; John Ericson – Simpson Thacher & Bartlett; Timothy Gallagher – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Kirsten Harmon – Simpson Thacher & Bartlett; Jennifer Neilsson – Simpson Thacher & Bartlett; John O’Connell – Simpson Thacher & Bartlett; Susan Yaster – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Bank of America Securities; Barclays Capital ; BMO Capital Markets; BNP Paribas Securities; Citigroup Global Markets Ltd; Credit Agricole Securities (USA) Inc.; Deutsche Bank Securities; DNB Markets; HSBC Securities; J.P. Morgan Securities LLC; KBC Securities; Lloyds Securities; Morgan Stanley; MUFG Securities Americas Inc. ; Natixis Securities Americas; NatWest Markets Securities; RBC Capital Markets; Scotia Capital Inc.; SG Americas Securities LLC; SMBC Nikko Securities America; Truist Securities Inc. ; U.S. Bancorp Investments; UniCredit Capital Markets;

Martina Bellini

Author: Martina Bellini