Avis Budget Group Expands Senior Notes Offering to $600 Million

Published 17 hours agoCAR

Avis Budget Group Expands Senior Notes Offering to $600 Million

Avis Budget Group has announced it will increase its senior notes offering to €600 million, or roughly $600 million. Priced at 7.00% and set to mature in 2029, these notes are part of a private offering intended to raise funds for strategic financial purposes.

According to Avis Budget Group, the net proceeds from this offering are designated mainly for redeeming existing 4.750% senior notes due in 2026. Additional funds will be allocated for general corporate purposes, potentially including further debt repayment. The new notes, which are issued at par, come with a senior unsecured guarantee by Avis Budget Group and some of its U.S. subsidiaries. The expected closing date for the offering is February 28, 2024, contingent on standard closing conditions.

These notes are being offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons through Regulation S, as mentioned by Avis Budget Group. This issuance is part of the company's broader approach to streamline its debt obligations and address financing costs more efficiently.

Share this article

Twitter Facebook LinkedIn

Recent Articles

Southwest Airlines' One-Cent Settlement Offer Rejected by Court

Southwest Airlines' One-Cent Settlement Offer Rejected by Court

16 minutes agoLUV

Southwest Airlines' attempt to resolve a racial discrimination lawsuit with a one-cent settlement has been rejected. The lawsuit centers on the airline's '¡Lánzate!' program, which was designed to provide free flights to Hispanic college students living significant distances from their schools. Initiated in 2004, the program assisted approximately 1,500 students over two decades, as reported by Reuters. The legal challenge was brought forth in May 2024 by the American Alliance for Equal Rights, led by Edward Blum. The group argued that the program violated the Civil Rights Act by excluding non-Hispanic students, highlighting cases involving one white and one Asian student. To counter these claims, Southwest dismantled the '¡Lánzate!' program in August 2024 and offered a one-cent settlement, according to texaslawbook.net. However, U.S. District Judge Sidney Fitzwater's ruling stated that Southwest Airlines' attempt to offer a mere cent as a settlement was not sufficient to dismiss the case, indicating that a live legal dispute remains. Bloomberg Law noted that this decision underscores challenges for corporations attempting to resolve discrimination claims simply by terminating controversial programs and offering nominal settlements.

Alibaba's Earnings Miss Sparks Stock Slide Despite Revenue Beat

Alibaba's Earnings Miss Sparks Stock Slide Despite Revenue Beat

32 minutes agoBABA

Alibaba Group Holding Ltd. recently released its fiscal fourth-quarter earnings, reporting an adjusted earnings per share (EPS) of $1.40, which missed Wall Street's expectations of $1.42. However, the company surpassed revenue predictions, reporting $30.73 billion against the expected $30.39 billion, representing a 7% year-over-year increase, according to Nasdaq. Despite the revenue success, Alibaba saw its net income dive significantly to 3.27 billion Chinese yuan ($453 million) from 23.52 billion yuan a year prior. This led to a pre-market drop of over 5% in the company's U.S.-listed shares, as noted by fxstreet.com. Adding to the challenging environment, Alibaba faces obstacles from a slowing Chinese economy, with GDP growth tapering to 4.7% from the previous quarter's 5.3%. In response to these setbacks and demonstrating confidence in its future, Alibaba announced an increase of $25 billion to its share repurchase program, lifting the total to $35.3 billion, highlighted by NBC New York. Still, growth in key segments like China e-commerce and cloud computing is seeing a slowdown, with revenues climbing just 2% and 3% year-over-year, respectively. These developments are playing a pivotal role in the current market outlook for Alibaba.

No Proofpoint Acquisition of Hornetsecurity on Horizon

No Proofpoint Acquisition of Hornetsecurity on Horizon

47 minutes agoPFPT

As of mid-May 2025, there is no confirmed information supporting claims that Proofpoint plans to acquire Hornetsecurity for over $1 billion. Speculation about such a deal appears to be unfounded, with no substantial evidence from reliable sources backing these rumors. In fact, Proofpoint, known for its cybersecurity and compliance solutions, was acquired by the private equity firm Thoma Bravo back in August 2021. This significant deal was completed for approximately $12.3 billion, illustrating the market value and strategic interest surrounding Proofpoint's offerings at that time. Hornetsecurity continues to operate successfully within the email security sector, emphasizing its focus on advanced threat detection and management. Established as a key player in the industry, its strategies and innovations in email protection are well recognized. However, Reuters reported that there isn't any verified development regarding its acquisition by Proofpoint.

Acrivon Therapeutics Reports Increased Q3 Loss Amid Research Expansion

Acrivon Therapeutics Reports Increased Q3 Loss Amid Research Expansion

1 hours agoACRV

Acrivon Therapeutics has reported a net loss of $22.4 million for the third quarter of 2024, marking a significant increase from the $14.5 million loss in the same period last year. The 54.5% rise in research and development expenses, which reached $18.9 million, largely contributed to this outcome, attributed to the progression of their ACR-368 program and the start of the ACR-2316 clinical trial. General and administrative expenses also saw a modest rise to $6.3 million, driven by increased personnel costs. Acrivon's recent business highlights include promising interim results from a Phase 2b trial of ACR-368 showcased at the ESMO congress. The trial demonstrated a confirmed overall response rate of 62.5% in patients with high-grade endometrial cancer, indicating strong potential for this treatment. Additionally, the company successfully completed the enrollment for the first dose-escalation cohort in their Phase 1 study of ACR-2316, ahead of its anticipated schedule. The company is keeping a robust cash position with $202.8 million in cash, cash equivalents, and marketable securities as of September 30, 2024. This reserve is expected to sustain their operations into the second half of 2026. These financial and clinical milestones highlight Acrivon’s ongoing efforts to enhance their oncology pipeline, aiming to meet critical needs in cancer therapy, as noted in Reuters’ coverage.