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Avis Upsizes and Prices 29's

CONSUMER CYCLICALS

Avis (B1, BB-) 5NC2 (final terms 7%) was upsized from €400m to €600m - proceeds was primarily to paydown the €350m 26's - the now excess €250m under original UoP is marked for GCP including "repayment of indebtedness". It has relatively large '27 maturities (~$1.6b) including the next traded bond - $27's - though its only callable at par from July & trades at $95. It also has $1.1b in term loans in '27 which it may target first. The €30's (priced to par call in July '28) have continued moving wider through pricing (~+30bps) - now at 6.8%.

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