Avis Budget Group Announces Securitization Program for Its European Rental
PARSIPPANY, N.J., March 11, 2013 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc.
(Nasdaq:CAR) announced today that it has entered into a three-year, €500
million (approximately $650 million) European rental fleet securitization
program, providing the Company's subsidiaries in Germany, Italy and Spain
increased capacity to finance its fleet purchases. This program, which matures
in March 2016, will replace the Company's previous €350 million European
variable fleet financing facility at more attractive terms.
"We are pleased to obtain incremental vehicle-backed financing commitments for
our European fleet, providing us increased capacity to grow our fleet over
time at lower interest rates," said David B. Wyshner, Avis Budget Group senior
executive vice president and chief financial officer."Completing a
multi-national securitization for our European fleet has been an important
objective for us since our acquisition of Avis Europe."
Crédit Agricole Corporate and Investment Bank served as lead arranger of the
financing, which is structured as a revolving facility under which borrowings
can be made and repaid as needed.
About Avis Budget Group, Inc.
Avis Budget Group, Inc. is a leading global provider of vehicle rental
services through its Avis and Budget brands, with more than 10,000 rental
locations in approximately 175 countries around the world. Avis Budget Group
operates most of its car rental offices in North America, Europe and Australia
directly, and operates primarily through licensees in other parts of the
world. Avis Budget Group has approximately 28,000 employees and is
headquartered in Parsippany, N.J. For more information, visit
The Avis Budget Group, Inc. logo is available at
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Avis Budget Group to be materially different
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such forward-looking statements. Statements preceded by, followed by or that
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are generally forward-looking in nature and not historical facts. Any
statements that refer to outlook, expectations or other characterizations of
future events, circumstances or results are also forward-looking statements.
A further list and description of important assumptions and other important
factors that could cause actual results to differ materially from those in the
forward-looking statements are specified in Avis Budget's Annual Report on
Form 10-K for the year ended December 31, 2012, included under headings such
as "Forward-Looking Statements", "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and in other
filings and furnishings made by Avis Budget with the Securities and Exchange
Commission from time to time. Other unknown or unpredictable factors could
also have material adverse effects on Avis Budget's performance or
achievements. In light of these risks, uncertainties, assumptions and factors,
the forward-looking events discussed in this press release may not occur. You
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date stated, or if no date is stated, as of the
date of this press release. Avis Budget undertakes no obligation to release
publicly any revisions to any forward-looking statements, to report events or
to report the occurrence of unanticipated events unless required by law.
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