Simpson Thacher represented the initial purchasers in connection with an offering by subsidiaries of Avis Budget Group, Inc. (“Avis Budget Group”) of $350 million aggregate principal amount of 5.75% Senior Notes due 2027 pursuant to Rule 144A and Regulation S. The notes were issued as additional notes under an indenture pursuant to which Avis Budget Group previously issued $400 million aggregate principal amount of 5.75% Senior Notes due 2027.
Avis Budget Group intends to use the net proceeds from the offering to redeem the outstanding $100 million in aggregate principal amount of the Avis Budget Group’s 5.5% Senior Notes due 2023 and use the remainder for general corporate purposes.
Avis Budget Group 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.
The Simpson Thacher team included John C. Ericson, John O’Connell, Ki Hoon Kim, Kirsten Harmon and Gianna Ceophas (Capital Markets); Marcy Geller, Jonathan Cantor, Edward Grais, and Zachary Fialkow (Tax); Jennifer Neilsson (Executive Compensation and Employee Benefits); Genevieve Dorment (Intellectual Property); Timothy Gallagher (Real Estate); and Jennie Getsin (Blue Sky).