Avis Budget Group, Inc. (NASDAQ:CAR) (the "Company") announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. (together, the "Issuers"), intend, subject to market and other customary conditions, to offer $300 million aggregate principal amount of additional 8.000% Senior Notes due 2031 (the "Notes") in a private offering. The Notes will be issued as additional notes under the Indenture, dated as of November 22, 2023, pursuant to which the Issuers previously issued $500 million aggregate principal amount of 8.000% Senior Notes due 2031. The Notes will be guaranteed on a senior unsecured basis by Avis Budget Group, Inc. and certain of its U.S. subsidiaries.

The Company intends to use the net proceeds from the offering of the Notes, together with cash on hand, to redeem a portion of its 5.750% Senior Notes due 2027 outstanding, and pay fees and expenses in connection with the foregoing. This press release does not constitute a notice of redemption.