Facebook Twitter LinkedIn Google Plus RSS

Avis completes $750M offering of asset-backed bonds

By ,

Parsippany-based vehicle rental services provider Avis Budget Group Inc. announced today that its Avis Budget Rental Car Funding LLC subsidiary has completed a $750 million offering of asset-backed bonds.

The bond offering includes a three-year, $325 million series and a five-year, $425 million series with an average interest rate of 2.6 percent — the company's lowest interest rate on a new bond offering since 2003.

The company projects that vehicle-backed interest costs will decline by $20 million to $25 million in 2012 compared to 2011 — a $5 million improvement from its projections, said David B. Wyshner, chief financial officer, in prepared remarks.

"This transaction further demonstrates the strong demand that exists for our asset-backed securities," Wyshner said.

More From This Industry

Write to the Editorial Department at editorial@njbiz.com

Leave a Comment

test

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy

Comments

close