Avis Budget Car Rental, a subsidiary of Avis Budget Group, has priced an offering of $450 million in senior unsecured notes due 2018.
The company said the notes are guaranteed on a senior basis by Avis Budget Group and domestic subsidiaries.
Avis Budget intends to use the proceeds to repay outstanding debt on a floating-rate term loan.
According to agreement terms, Avis Budget's senior credit facility will be reduced to $1.5 billion, and maturities for about $1.25 billion in debt will be extended by two years.
