Item 8.01 Other Events

On March 1, 2021, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. (collectively, the "Issuers"), each a subsidiary of Avis Budget Group, Inc. (the "Company"), issued $600 million aggregate principal amount of 5.375% Senior Notes due 2029 (the "Notes"). The Notes were issued pursuant to the Indenture, dated as of March 1, 2021 (the "Indenture"), by and among the Issuers, the Company, the other guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee.

The Issuers used the net proceeds from the offering, together with cash on hand, to pay the redemption price in connection with the Issuers' redemption of the outstanding $500 million in aggregate principal amount of their 10.500% Senior Secured Notes due 2025.

The Notes will mature on March 1, 2029 and bear interest at a rate of 5.375% per annum, payable semi-annually in cash in arrears on March 1 and September 1 of each year, beginning on September 1, 2021. Interest on the Notes will accrue from March 1, 2021.

The Notes will be guaranteed on a senior unsecured basis by the Company, Avis Budget Holdings, LLC, and the Issuers' existing and future direct and indirect domestic subsidiaries that also guarantee the Issuers' senior credit facilities.

The Issuers may redeem all or part of the Notes at any time prior to March 1, 2024 at a price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to the redemption date, plus a make-whole premium. The Issuers may redeem all or part of the Notes at any time on or after March 1, 2024 at the redemption prices set forth in the Indenture. At any time prior to March 1, 2024, up to 40% of the aggregate principal amount of the Notes may be redeemed with the net cash proceeds that the Issuers raise in one or more equity offering, at the redemption price specified in the Indenture.

Upon the occurrence of specified kinds of changes of control, the Issuers must offer to repurchase the notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date.

The Indenture governing the Notes, among other things, limits the ability of the Issuers and their restricted subsidiaries to (i) pay dividends on or make other distributions in respect of equity interests or make other restricted payments; (ii) create liens on certain assets to secure debt; (iii) make certain investments; (iv) sell certain assets; (v) consolidate, merge, sell, or otherwise dispose of all or substantially all of the Issuers' assets; and (vi) designate the Issuers' subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of important limitations and exceptions. The Indenture governing the Notes provides for customary events of default (subject in certain cases to customary grace and cure periods).

Item 9.01. Financial Statements and Exhibits.



(d) Exhibits



Exhibit
  No.                               Description of Exhibit

4.1           Indenture, dated as of March 1, 2021, by and among Avis Budget Car
            Rental, LLC and Avis Budget Finance, Inc., as issuers, the guarantors
            party thereto and Deutsche Bank Trust Company Americas, as trustee.

104         The cover page from this Current Report on Form 8-K formatted in
            Inline XBRL (included as Exhibit 101).

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