What is the maturity date of the 7.250% euro-denominated Senior Notes for Budget?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
- 7.250% euro-denominated Senior Notes due July 2030.
In July 2023, we issued €400 million of 7.250% euro-denominated Senior Notes due July 2030, at par, with interest payable semi-annually.
We have the right to redeem these notes in whole or in part at any time on or after July 2026 at a specified redemption price plus accrued interest.
Net proceeds from the offering were used primarily to redeem all of the €300 million of our outstanding 4.125% euro-denominated Senior Notes due 2024 plus accrued interest.
In May 2024, we issued €200 million of additional 7.250% euro-denominated Senior Notes due July 2030, at 100.25% of face value, under the indenture governing our existing 7.250% euro-denominated Senior Notes.
Net proceeds from this offering were used for general corporate purposes.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the 7.250% euro-denominated Senior Notes are due in July 2030. These notes were issued in July 2023 with an initial offering of €400 million at par, with interest payable semi-annually.
In May 2024, Budget issued an additional €200 million of these notes at 100.25% of face value. The initial proceeds from the July 2023 issuance were used to redeem €300 million of the 4.125% euro-denominated Senior Notes due in 2024, while the proceeds from the May 2024 issuance were used for general corporate purposes.
Budget has the option to redeem these notes, in whole or in part, on or after July 2026 at a specified redemption price plus accrued interest. These notes represent a significant portion of Budget's debt structure, and understanding their terms is crucial for assessing the company's financial obligations and flexibility.