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Cendant Corporation Announces That Avis Budget Car Rental, LLC Priced $1 Billion Senior Notes Offering.

Publication: PR Newswire
Publication Date: 11-APR-06
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK, April 11 /PRNewswire-FirstCall/ -- Cendant Corporation today announced that the parent of its vehicle rental business, Avis Budget Car Rental, LLC, has priced a private offering of $1.0 billion aggregate principal amount of its senior notes, which includes $375 million in aggregate principal amount of its 7.625% senior notes due 2014, $375 million in aggregate principal amount of its 7.75% senior notes due 2016, and $250 million in aggregate principal amount of its floating rate senior notes due 2014. Cendant's vehicle rental business intends to use the net proceeds from this offering, together with term borrowings under its previously announced new senior secured credit facility, principally to repay asset-backed vehicle indebtedness. The notes are unsecured and are not guaranteed by Cendant Corporation.

This offering is part of Cendant's previously announced plan to separate Cendant into four independent, pure-play companies -- one each...

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