PARSIPPANY, N.J., (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., priced an offering of $500 million aggregate principal amount of 10.500% senior secured notes due 2025 in a private offering, which represents a $100 million increase in the previously announced size of the offering. The notes will have a maturity date of May 15, 2025. The closing of the offering of the notes is expected to occur on or about May 12, 2020, subject to customary closing conditions. The notes were priced at 97% of their face value and will be guaranteed by Avis Budget Group, Inc. and certain of its U.S. subsidiaries.

Avis Budget Group intends to use the net proceeds from the notes offering for general corporate purposes.

About Avis Budget Group

Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 11,000 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. Avis Budget Group is headquartered in Parsippany, N.J.