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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Carrefour | TG:CAR | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.11 | -0.73% | 15.025 | 15.02 | 15.09 | 15.24 | 14.98 | 15.24 | 2,142 | 20:59:45 |
Avis Budget Group Inc. (CAR) plans to offer $250 million in five-year convertible senior notes and buy a convertible note hedge.
The company warned its moves, and resulting moves by counterparties to hedge their exposure, could affect its share price. Wall Street took that advice to heart, sending Avis shares down 9.3%, to $12.05 in after-hours trading.
The car rental company said it will finance the purchase of the note hedge with a warrant transaction. It could also use the proceeds for general corporate purposes, including paying off debt.
Avis will also grant the initial purchasers of the notes the right to buy an additional $37.5 million of notes to cover overallotments. The offering is subject to market conditions and other factors.
Avis has been cutting costs in response to a steep dropoff in demand in the car-rental industry. Consumers have been cutting back on travel and tighter credit makes it harder to buy and sell automobiles.
In August, Avis reported it swung to a second-quarter loss - its sixth loss in the past seven quarters - on lower volume, but the company said volumes stabilized in the period.
-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com
1 Year Carrefour Chart |
1 Month Carrefour Chart |
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