UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported): May 26, 2009 (May 26,
2009)
Avis
Budget Group, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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1-10308
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06-0918165
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification Number)
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6
Sylvan Way
Parsippany,
NJ
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07054
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(973)
496-4700
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(Registrant’s
telephone number, including area code)
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N/A
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(Former
name or former address, if changed since last
report)
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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Item
7.01
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Regulation
FD Disclosure.
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On
May
26, 2009, we issued a press release announcing that we have obtained commitments
for approximately $325 million in operating lease financing for vehicles
to be
added to our U.S. car rental fleet in the next four months.
A
copy of
the press release is furnished as Exhibit 99.1 to this report and is
incorporated herein by reference.
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Item
9.01
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Financial
Statements and Exhibits.
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(d) Exhibits.
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Exhibit
No.
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Description
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99.1
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Press
Release dated May 26, 2009
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereto
duly authorized.
AVIS
BUDGET GROUP,
INC.
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By:
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/s/ Jean
M. Sera
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Name:
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Jean
M. Sera
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Title:
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Senior
Vice President and Secretary
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Date:
May
26, 2009
AVIS
BUDGET GROUP, INC.
CURRENT
REPORT ON FORM 8-K
Report
Dated May 26, 2009 (May 26,
2009)
EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Press
Release dated May 26, 2009.
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Exhibit
99.1
Press
Release
AVIS
BUDGET GROUP OBTAINS COMMITMENT
FOR
APPROXIMATELY $325 MILLION IN LEASE FINANCING
PARSIPPANY,
N.J., May 26, 2009 – Avis Budget Group, Inc. (NYSE:
CAR) announced today that it has obtained commitments for approximately
$325 million of operating lease financing for vehicles it plans to add to its
U.S. car rental fleet over the next four months.
"This
transaction represents another important step in the evolution and expansion
of
our fleet financing to reflect the changes that have occurred in the credit
markets," said David B. Wyshner, Avis Budget Group Executive Vice President
and
Chief Financial Officer. "With this financing, we are not only
obtaining additional liquidity at competitive rates; we are also executing
against a funding strategy that anticipates a rebound in car rental demand
in
2010."
Forward-Looking
Statements
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 the Company to be materially different from
any
future results, performance or achievements expressed or implied by such
forward-looking statements. Statements preceded by, followed by or
that otherwise include the words "believes", "expects", "anticipates",
"intends", "projects", "estimates", "plans", "may increase", "may fluctuate",
"forecast" and similar expressions or future or conditional verbs such as
"will", "should", "would", "may" and "could" are generally forward-looking
in
nature and not historical facts. Any statements that refer to
expectations or other characterizations of future events, circumstances or
results, including all statements related to 2009, are forward-looking
statements.
Various
risks that could cause future results to differ from those expressed by the
forward-looking statements included in this press release include, but are
not
limited to, a weaker-than-anticipated economic environment, the high level
of
competition in the vehicle rental industry, greater-than-expected cost increases
for new vehicles, disposition of vehicles not covered by manufacturer repurchase
programs, the financial condition of the manufacturers of our cars, including
Chrysler, which has filed for Chapter 11 bankruptcy protection, and General
Motors, which has been given until June by the Treasury Department to work
out a
restructuring plan, a greater-than-anticipated downturn in airline passenger
traffic, an occurrence or threat of terrorism, our ability to obtain financing
for our operations, including the funding of our vehicle fleet via the
asset-backed securities market, including
our
ability to issue debt under the TALF program and the financial condition of
financial-guaranty firms that have insured a portion of our outstanding
vehicle-backed debt, higher-than-expected fuel costs, fluctuations related
to
the mark-to-market of derivatives which hedge our exposure to exchange rates,
interest rates and fuel costs, the Company’s ability to meet or amend financial
covenants associated with its borrowings and the Company’s ability to accurately
estimate its future results and implement its strategy for cost savings and
growth, particularly in the current environment. Other unknown or
unpredictable factors also could have material adverse effects on Avis Budget
Group’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. 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 Group's Annual Report on Form 10-K
for
the year ended December 31, 2008 and our Quarterly Report on Form 10-Q for
the
quarter ended March 31, 2009 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 the company with the SEC from time to
time. Except for the Company's ongoing obligations to disclose
material information under the federal securities laws, the Company 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.
About
Avis Budget Group, Inc.
Avis
Budget Group is a leading provider of vehicle rental services, with operations
in more than 70 countries. Through its Avis and Budget brands, the company
is
the leading general-use vehicle rental company in each of North America,
Australia, New Zealand and certain other regions based on published airport
statistics. Avis Budget Group is headquartered in Parsippany, N.J. and has
more than 26,000 employees. For more information about Avis
Budget Group, visit www.avisbudgetgroup.com.
Media
Contact Investor
Contact
John
Barrows David
Crowther
(973)
496-7865 (973)
496-7277