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.

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