|Bid||25.20 x 1400|
|Ask||25.69 x 2200|
|Day's Range||24.44 - 25.88|
|52 Week Range||6.35 - 52.98|
|Beta (5Y Monthly)||2.30|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 29, 2020 - Nov 02, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 23, 2006|
|1y Target Est||38.20|
Rating Action: Moody's assigns B3 to Avis Budget's issuance of senior unsecured notes; B2 CFR and other ratings unchanged. New York, August 03, 2020 -- Moody's Investors Service, ("Moody's") assigned a B3 rating to Avis Budget Car Rental, LLC's (Avis) issuance of $350 million of senior unsecured notes. All other ratings are unaffected including Avis: corporate family rating (CFR) at B2; secured credit facility at Ba2; senior unsecured debt at B3; and, Avis Budget Finance PLC: senior unsecured at B3.
Avis Budget Group Inc. announced Monday that it plans to offer $350 million in senior notes due 2027. The 5.75% notes will be offered as additional notes under the debt dated as of July 2019, in which $400 million in 5.75% senior notes due 2027 were previously issued. The rental car company expects to use the proceeds from the notes offering to redeem $100 million of 5.50% senior notes due 2023, with the rest to be used for general corporate purposes. The company has said last week that it has $1.5 billion in liquidity at the end of the second quarter, and estimated that cash burn would be approximately $900 million, including $100 million in debt retirement. The stock, which edged up 0.1% in premarket trading, has dropped 19.7% year to date through Friday, while the S&P 500 has gained 1.3%.
Moody's Investors Service (Moody's) has assigned ratings of (P)Aa1 (sf) to the Series 2020-2 Class A fixed rate Rental Car Asset Backed Notes, (P)A3 (sf) to the Series 2020-2 Class B fixed rate Rental Car Asset Backed Notes, and (P)Baa3 (sf) to the Series 2020-2 Class C fixed rate Rental Car Asset Backed Notes, (together with the Class A Notes and the Class B Notes, the Series 2020-2 Notes) to be issued by Avis Budget Rental Car Funding (AESOP) LLC (the issuer). The issuer is an indirect subsidiary of the sponsor, Avis Budget Car Rental, LLC (ABCR, B2 negative). ABCR is a subsidiary of Avis Budget Group, Inc. ABCR is the owner and operator of Avis Rent A Car System, LLC (Avis), Budget Rent A Car System, Inc. (Budget), Zipcar, Inc and Payless Car Rental, Inc. (Payless).