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-Avis Budget Group Closes Finance Offering.

Travel Business Review-November 1, 2010--Avis Budget Group Closes Finance Offering(C)2010] ENPublishing - http://www.enpublishing.co.uk

Travel Business Review - 01 November 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Avis Budget Group Inc (NYSE: CAR), a US-based company that offers vehicle rental services, has announced that its Avis Budget Rental Car Funding LLC (AESOP) subsidiary has completed an asset-backed bond offering.

AESOP has closed an offering of USD700m of asset-backed bonds with a weighted average interest rate of 3.2%, and renewed an asset-backed bank conduit facility by expanding its borrowing ability by USD100m.

The company executive vice president and chief financial officer, David B Wyshner, said 'We are pleased by the strong interest in our asset-backed securities and to have renewed our conduit facility at significantly reduced borrowing spreads. The asset-backed bonds and renewed conduit facility allow us to achieve three key objectives-they extend our debt maturities, they give us the capacity to fund our domestic car rental fleet in 2011, and they lower our borrowing costs.'

[Editorial queries for this story should be sent to tbr@enpublishing.co.uk]

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Publication:Travel Business Review (TBR)
Date:Nov 1, 2010
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