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): September
24, 2009 (September 24, 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
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
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
8.01
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Other
Events.
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On
September 24, 2009, we issued a press release announcing that our Avis Budget
Rental Car Funding (AESOP) LLC subsidiary has priced $450 million of its Series
2009-2 asset-backed term notes. A copy of this press release is
attached as Exhibit 99.1 to this Current Report on Form 8-K 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 September 24, 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.
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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:
September 24, 2009
AVIS
BUDGET GROUP, INC.
CURRENT
REPORT ON FORM 8-K
Report
Dated September 24,
2009 (September 24, 2009)
EXHIBIT
INDEX
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Exhibit
No.
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Description
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Press
Release dated September 24, 2009.
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| Press Release | Exhibit 99.1 |
AVIS
BUDGET GROUP ANNOUNCES OFFERING
OF
$450 MILLION TERM ASSET-BACKED NOTES
PARSIPPANY, N.J., September 24, 2009
– Avis Budget Group, Inc. (NYSE: CAR) announced today
that its Avis Budget Rental Car Funding (AESOP) LLC subsidiary has priced $450
million of its Series 2009-2 asset-backed term notes to finance the Company’s
domestic car rental fleet. The notes will bear interest at 5.68% per
annum, will have an expected final payment date in February 2013 and are
expected to be rated Aaa by Moody’s Investors Service upon issuance. The
transaction is expected to close in early October, subject to customary closing
conditions.
The
Series 2009-2 Notes have not been and will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”), or any applicable
state securities laws, and may not be offered or sold in the United States
without registration under the Securities Act or pursuant to any applicable
exemption from such registration. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy the Series
2009-2 Notes, nor shall it constitute an offer, solicitation or sale of the
Series 2009-2 Notes in any state in which such offer, solicitation or sale would
be unlawful.
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 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, 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 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 June 30, 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 a
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 24,000 employees. For more information about Avis Budget
Group, visit www.avisbudgetgroup.com.
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Media Contact
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Investor Contact
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John
Barrows
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David
Crowther
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(973)
496-7865
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(973)
496-7277
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