September 11, 2024 07:49 GMT
Avis (B1/BB-) 2Q (to June) Priced $ refi supply
TRANSPORTATION
** please note Jan maturity; 5.3NC1.3 not a 5NC2
$700m 5.3NC1.3 Snr Unsec (B1/BB-) PRICED 8.25% (T+480, MS+510, OAS+440)
- unch from price talk, upsized from $500m, 35-40bp NIC here but looks larger against low cash px 29s (at $93)
- secondary held reasonably well; 29 & 31s ~10-15bps wider (index yields closed flat).
- UoP includes paydowns of TL due in 2029 and fleet financing debt.
- 2k denoms (open to retail), Reg S & 144A
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