0000950142-20-001035.txt : 20200406
0000950142-20-001035.hdr.sgml : 20200406
20200406204452
ACCESSION NUMBER: 0000950142-20-001035
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20200402
FILED AS OF DATE: 20200406
DATE AS OF CHANGE: 20200406
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: SRS Investment Management, LLC
CENTRAL INDEX KEY: 0001503174
STATE OF INCORPORATION: DE
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-10308
FILM NUMBER: 20778183
BUSINESS ADDRESS:
STREET 1: 1 BRYANT PARK
STREET 2: 39TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10036
BUSINESS PHONE: 212-520-7907
MAIL ADDRESS:
STREET 1: 1 BRYANT PARK
STREET 2: 39TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10036
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: AVIS BUDGET GROUP, INC.
CENTRAL INDEX KEY: 0000723612
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
IRS NUMBER: 060918165
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 6 SYLVAN WAY
CITY: PARSIPPANY
STATE: NJ
ZIP: 07054
BUSINESS PHONE: 973-496-4700
MAIL ADDRESS:
STREET 1: 6 SYLVAN WAY
CITY: PARSIPPANY
STATE: NJ
ZIP: 07054
FORMER COMPANY:
FORMER CONFORMED NAME: CENDANT CORP
DATE OF NAME CHANGE: 19971218
FORMER COMPANY:
FORMER CONFORMED NAME: CUC INTERNATIONAL INC /DE/
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: COMP U CARD INTERNATIONAL INC
DATE OF NAME CHANGE: 19870914
4
1
es2000597_4-avis.xml
OWNERSHIP DOCUMENT
X0306
4
2020-04-02
0
0000723612
AVIS BUDGET GROUP, INC.
CAR
0001503174
SRS Investment Management, LLC
1 BRYANT PARK
39TH FLOOR
NEW YORK
NY
10036
0
0
1
0
Equity Swap (obligation to buy)
11.29
2020-04-02
4
J
1
1
A
2023-04-10
Common Stock
137793
137793
I
See footnotes
Equity Swap (obligation to buy)
11.31
2020-04-02
4
J
1
1
A
2023-04-10
Common Stock
133100
133100
I
See footnotes
Equity Swap (obligation to buy)
10.42
2020-04-03
4
J
1
1
A
2023-04-10
Common Stock
362000
362000
I
See footnotes
Equity Swap (obligation to buy)
10.43
2020-04-03
4
J
1
1
A
2023-04-10
Common Stock
342687
342687
I
See footnotes
Equity Swap (obligation to buy)
Common Stock
9786280
9786280
I
See footnotes
These cash-settled equity swaps can be settled at any time before the expiration date.
SRS Investment Management, LLC, a Delaware limited liability company, ("SRS") serves as investment manager to certain investment funds (the "Funds") and has investment discretion with respect to the securities reported herein which are held by the Funds. SRS Investment Management, LP ("SRS IM"), a Delaware limited partnership, is the managing member of the Investment Manager. SRS Investment Management GP, LLC, a Delaware limited liability company ("SRS IM GP"), is the general partner of SRS IM. Karthik R. Sarma ("Mr. Sarma," and together with SRS, the "Reporting Persons") is the managing member and principal of SRS IM GP. In such capacities, Mr. Sarma and the Investment Manager may be deemed to have voting and dispositive power with respect to the shares of Common Stock held for the Funds.
The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein.
The Reporting Persons' aggregate swap position consists of (i) swaps referencing a total of 975,580 shares of Common Stock with reference prices ranging from $10.42 to $11.31 and an initial reference maturity date of April 10, 2023; and (ii) swaps referencing a total of 8,810,700 shares of Common Stock with reference prices ranging from $23.52 to $40.00 and an initial reference maturity date of March 6, 2023. The swaps shall continue until terminated as elected by the parties or their maturity date.
SRS INVESTMENT MANAGEMENT, LLC; by: /s/ David B. Zales, General Counsel
2020-04-06
by: /s/ Karthik R. Sarma
2020-04-06