| Avis Rent a Car, Inc. | |||
| Ticker: | AVI | 900 Old Country Road | |
| Exchange: | New York Stock Exchange | Garden City, NY 11530 | |
| Industry: | Service (SIC Code 7514) | (516) 222-3000 | |
| Type of Shares: | Common Shares | Filing Date: | 6/6/97 | |
| U.S. Shares: | 15,600,000 | Offer Date: | 9/23/97 | |
| Non-U.S. Shares: | 3,900,000 | Filing Range: | $15.00 - $17.00 | |
| Primary Shares: | 19,500,000 | Offer Price: | $17.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.98 | |
| Offering Amount: | $312,000,000 | Selling: | $0.60 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | - | |||
| Spin out parent firm: | HFS Incorporated | |||
| Manager | Tier | Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| Issuer's Law Firm: | Skadden, Arps, Slate, Meagher & Flom |
| Bank's Law Firm: | Weil, Gotshal & Manges |
| Auditor: | Deloitte & Touche |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 3/31/97 | 3/31/96 | 3/31/97 | ||
| Revenue: | $1,867.52 | $456.01 | $418.12 | Assets: | $3,008.86 |
| Net Income: | $5.76 | $3.37 | $0.85 | Curr Assets: | |
| EPS: | Liabilities: | $2,929.59 | |||
| Prior EPS: | $79.77 | $85.70 | Curr Liabilities: | ||
| Cash Flow/Oper: | Equity: | $79.27 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company operates the second largest general used car rental car business in the world, based on total revenue and volume of rental transactions. The company rents vehicles to business and leisure travelers through approximately 540 rental locations in both airport and non-airport markets in the United States, Canada, Puerto Rico, the U.S. Virgin Islands, Argentina and New Zealand. During 1996, company completed nearly 13 million rental transactions with a fleet that averaged 174,000 vehicles and generated total revenue of approximately $1.9 billion, of which approximately 87% was derived form its operations in the United States. The domestic vehicle rental industry has experienced significant growth over the past five years. According to information provided by major U.S. airports, vehicles rental industry revenues have increased at a compound annual rate of approximately 11% since 1992. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to prepay outstanding indebtedness and for general corporate purposes, including possible acquisitions. |