Simpson Thacher represented Credit Agricole Securities (USA) Inc. and the other initial purchasers in connection with an offering by subsidiaries of Avis Budget Group, Inc. (“Avis Budget Group”) of $500 million aggregate principal amount of 4.75% Senior Notes due 2028 pursuant to Rule 144A and Regulation S.
Avis Budget Group used the net proceeds from the offering, together with cash on hand, to redeem all of the outstanding $350 million in aggregate principal amount of the Avis Budget Group’s 6.375% Senior Notes due 2024 and $140 million of the outstanding $375 million in aggregate principal amount of the Avis Budget Group’s 5.25% Senior Notes due 2025.
Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 10,000 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 and Kirsten Harmon (Capital Markets); Jonathan Cantor and Suzy Yaster (Tax); Jennifer Neilsson (Executive Compensation and Employee Benefits); Genevieve Dorment (Intellectual Property); Timothy Gallagher (Real Estate); and Jennie Getsin (Blue Sky).