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Avis completes $550M asset-backed notes offering

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Avis Budget Group, of Parsippany, announced Wednesday its Avis Budget Rental Car Funding LLC subsidiary has completed an offering of $550 million of five-year, fixed-rate asset-backed notes with a weighted average interest rate of approximately 3.08 percent. The proceeds of the offering are expected to be used primarily to refinance vehicle debt maturing in 2014.

According to the announcement, the offering provides for a loan-to-value, or advance, ratio of approximately 76 percent and an interest rate that is lower than the average of our existing five-year U.S. vehicle-backed term debt.

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