Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Event [Line Items]

Subsequent Events [Text Block]

19. Subsequent Events

In October 2018, the Company completed the acquisition of Turiscar Group, a provider of vehicle rental services in Portugal, for €27 million (approximately $31 million), of which €23 million (approximately $26 million) was paid. The remainder of the purchase price will be paid during the three months ended December 31, 2020.

In October 2018, the Company issued €350 million (approximately $404 million) of 4¾% euro-denominated Senior Notes due January 2026, at par, with interest payable semi-annually. The proceeds were used to redeem $400 million principal amount of 5⅛% Senior Notes due June 2022 for $410 million plus accrued interest.

In October 2018, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $550 million in asset-backed notes with an expected final payment date of March 2024 incurring interest at a weighted average rate of approximately 4%.

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