Form 8-K - ABG Share Repurchase Program Upsize April 2014
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 17, 2014 (April 17, 2014)
Avis Budget Group, Inc.
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification Number)
6 Sylvan Way
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code (973) 496-4700
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
On April 17, 2014, the Company announced it has repurchased approximately $135 million of stock under its current stock repurchase program, which authorized an initial maximum amount of $200 million. The Company's Board of Directors has authorized an increase to the amount remaining for future repurchases under the program from approximately $65 million remaining to $300 million. Under the program, the Company may repurchase shares of its outstanding common stock from time to time, in the open market or in privately negotiated transactions, depending on market conditions, Company performance, stock price, applicable legal requirements and other factors. A copy of the press release announcing the increase to the share repurchase program is attached hereto as Exhibit 99.1.
The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by Avis Budget Group, Inc., under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01. Financial Statements and Exhibits.
The following exhibits are furnished as part of this report:
Press Release dated April 17, 2014.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AVIS BUDGET GROUP, INC.
/s/ Bryon L. Koepke
Bryon L. Koepke
Senior Vice President and Chief Securities Counsel
Date: April 17, 2014
Press Release dated April 17, 2014