Shares in Avis Budget Group (CAR) dropped 7% in pre-market U.S. trading after the rental car company announced plans to raise $400 million in debt in a private offering.The stock plunged 7% to $12.94 in pre-market U.S. trading on Monday.Avis Budget Group said its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., will offer $400 million in aggregate principal amount of senior secured notes due 2025 in a private sale.The notes will be guaranteed by Avis Budget Group and certain of its U.S. subsidiaries, the company said. It intends to use the net proceeds from the …read more
Source:: Yahoo Finance
