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Avis prices upsized 10.5% debt offering at 97% of face value

1:12 pm ET May 5, 2020 (MarketWatch)

Avis Budget Group Inc. (CAR) announced the pricing of a debt offering, which that was upsized by 20% to $500 million, a day after the company reported first-quarter results ( that beat expectations. Early Monday, the rental car company said it was planning a private offering of $400 million of senior secured notes ( that mature in 2025. After the company reported earnings after Monday's close, Avis said Tuesday that the 10.5% notes priced at 97% of their face value. That compares with the yield on 5-year Treasury notes ( of about 0.35%. Avis's credit is rated by S&P Global Ratings at B+, which is four notches deep into speculative grade, or "junk" territory. Avis's stock fell 0.7% in afternoon trading. It has tumbled 60.8% over the past three months, while the S&P 500 has declined 13.4%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

May 05, 2020 13:12 ET (17:12 GMT)

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