Key Developments: Avis Budget Group Inc (CAR.OQ)

CAR.OQ on NASDAQ Stock Exchange Global Select Market

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Latest Key Developments (Source: Significant Developments)

Avis Budget Group Inc Acquires Payless Car Rental
Monday, 15 Jul 2013 07:00am EDT 

Avis Budget Group Inc announced that it has acquired Payless Car Rental, the car rental company in North America, for approximately $50 million in cash.  Full Article

Avis Budget Group Inc Issues FY 2015 EBITDA Guidance-Conference Call
Wednesday, 12 Jun 2013 12:20pm EDT 

Avis Budget Group Inc announced that the four strategic pillars will be key to the Company as it move toward goal of generating $1 billion or more of EBITDA in fiscal 2015.  Full Article

Avis Budget Group Inc Raises FY 2013 Guidance
Wednesday, 1 May 2013 04:15pm EDT 

Avis Budget Group Inc announced that for fiscal 2013, it expects revenue to be approximately $7.8 billion to $8.0 billion and expects Adjusted EBITDA to be approximately $750 million to $855 million, excluding certain items. The changes in the Company's expected 2013 revenue and Adjusted EBITDA are entirely due to the acquisition of Zipcar. The Company also estimates its pretax income to be approximately $375 million to $485 million, excluding certain items and estimates that its fiscal 2013 diluted earnings per share, excluding certain items, will be approximately $2.00 to $2.60. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenues of $7.8 billion, EBITDA of $832 million, pre-tax profit of $442 million and EPS of $2.33 for fiscal 2013.  Full Article

Avis Budget Group Inc Issues FY 2013 Guidance; Earnings Guidance Below Analysts' Estimates
Wednesday, 13 Feb 2013 04:40pm EST 

Avis Budget Group Inc announced that for fiscal 2013, it expects revenue to be approximately $7.6 to $7.8 billion, adjusted EBITDA to be approximately $725 million to $825 million and diluted earnings per share (EPS), excluding certain items, to be approximately $1.90 to $2.45. According to I/B/E/S estimates, analysts were expecting the Company to report revenue of $7.6 billion, EBITDA of $834 million and EPS of $2.49 for fiscal 2013.  Full Article

Avis Budget Group Inc To Acquire Zipcar, Inc
Wednesday, 2 Jan 2013 06:00am EST 

Avis Budget Group Inc and Zipcar, Inc. announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is expected to be completed in the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction. Following the acquisition, Zipcar will operate as a subsidiary of Avis Budget Group and will continue with planned move to new headquarters in Boston, Massachusetts. Avis Budget anticipates that key members of the Zipcar management team, including Mr. Griffith and Mark Norman, President and chief operating officer, will continue to set the overall direction and run day-to-day operations of Zipcar. Avis Budget Group expects to fund the purchase price primarily with incremental corporate debt borrowings, as well as available cash.  Full Article

Avis Budget Group Inc Reaffirms FY 2012 Guidance-Conference Call
Wednesday, 2 Jan 2013 06:00am EST 

Avis Budget Group Inc reiterated its guidance for fiscal 2012 and expects revenue to be approximately $7.3 billion and Adjusted EBITDA to be approximately $825 million to $840 million, also continues to expect pretax income to be $450 million to $465 million and that its diluted earnings per share to be approximately $2.35 to $2.45, excluding certain items. According to I/B/E/S estimates, analysts were expecting the Company to report revenue of $7.2 billion, EBITDA of $835 million and EPS of $2.42 for fiscal 2012.  Full Article

Avis Budget Group Inc Reaffirms FY 2012 Revenue And EBITDA Guidance; Issues FY 2012 EPS Guidance In Line With Analysts' Estimates-Conference Call
Tuesday, 4 Dec 2012 06:30pm EST 

Avis Budget Group Inc announced that for fiscal 2012, it expects roughly $7.3 billion of revenue to translate into $825 million to $840 million of adjusted EBITDA, pre-tax income of $450 million plus excluding items and diluted earnings of $2.35-$2.45 per share which will represent an increase of around 45% versus 2011. According to I/B/E/S estimates, analysts were expecting the Company to report revenue of $7.2 billion, EBITDA of $835 million and EPS of $2.42 for fiscal 2012.  Full Article

Avis Budget Group Inc Revises FY 2012 Revenue Guidance To A Range In Line With Analysts' Estimates; Lowers High End Of Prior FY 2012 EBITDA Guidance
Thursday, 1 Nov 2012 04:35pm EDT 

Avis Budget Group Inc announced that it expects fiscal 2012 revenue to be approximately $7.3 billion, adjusted EBITDA to be approximately $825 million to $840 million, excluding certain items, an increase of 35% to 38% compared to the prior year. The narrowing of the Company's estimated EBITDA range reflects recent trends, including difficult economic conditions in Europe which are impacting travel demand. According to I/B/E/S estimates, analysts were expecting the Company to report revenue of $7.3 billion, EBITDA of $840 million for fiscal 2012.  Full Article

Avis Budget Group Inc Reaffirms FY 2012 Earnings Guidance-Conference Call
Wednesday, 10 Oct 2012 08:40pm EDT 

Avis Budget Group Inc announced that for fiscal 2012, it expects earnings $825 million to $875 million of EBITDA; $450 million to $500 million of pre-tax income; and diluted earnings per share in the range of $2.35 to $2.65.  Full Article

Avis Budget Group Inc's Subsidiary Announces Closing Of $200 Million Of Term Loan Borrowings
Tuesday, 9 Oct 2012 11:00am EDT 

Avis Budget Group Inc announced that its wholly-owned subsidiary, Avis Budget Car Rental, LLC, has closed an offering of $200 million of term loan borrowings due 2019. The interest rate on the new term loan borrowings is nearly two hundred basis points lower than the interest rate on the debt being repaid. The Company is using the net proceeds of the offering plus approximately $40 million of available cash to repay approximately $240 million term loan borrowings due in 2018.  Full Article

Fitch Assigns Issuer and Debt Ratings to Various Avis Entities

(The following statement was released by the rating agency) CHICAGO, March 11 (Fitch) Fitch Ratings has assigned a long-term Issuer Default Rating (IDR) of 'B+' to Avis Budget Finance PLC (Avis Budget Finance) and 'B+/RR4' ratings to Avis Budget Finance's EUR250 million, 6% senior unsecured notes due March 2021. In addition, Fitch has assigned 'BB+/RR1' ratings to Avis Budget Car Rental, LLC's (ABCR) $900 million senior secured term loan maturing March 2019. Of the proceeds, $200 million

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