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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 22, 1999
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Budget Group, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-78274 59-3227576
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
125 Basin Street, Suite 210, Daytona Beach, FL 32114
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 238-7035
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Former name or former address, if changed since last report: N/A
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ITEM 5. OTHER EVENTS
On March 22, 1999, Budget Group, Inc. issued a press release announcing
that it proposes to issue $350 million of senior notes due 2006 pursuant to
transactions exempt from the registration requirements of the Securities
Act of 1933. A copy of the press release is attached hereto as Exhibit 99.1 and
is incorporated herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
<TABLE>
<CAPTION>
Reference
Number Description of Exhibit
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<S> <C>
99.1 Press Release dated March 22, 1999
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SIGNATURE
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.
BUDGET GROUP, INC.
(Registrant)
Date: March 22, 1999 By: /s/ THOMAS L. KRAM
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Thomas L. Kram
Vice President - Controller
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EXHIBIT 99.1
Contact: Scott R. White For Immediate Release
Executive Vice President
Corporate Development
Budget Group, Inc.
(630) 955-7600
BUDGET GROUP PROPOSES TO ISSUE $350 MILLION OF SENIOR NOTES
DAYTONA BEACH, FL, MARCH 22, 1999 - Budget Group, Inc. (NYSE:BD) announced
today that it proposes to issue $350 million of senior notes due 2006 pursuant
to Rule 144A of the Securities Act of 1933.
Budget Group expects that the proposed private offering will be
consummated by April 9, 1999. Budget Group will use the net proceeds of the
proposed offering to reduce asset-backed indebtedness. The notes issued
pursuant to the offering will have registration rights but will not be initially
registered under the Securities Act of 1933 and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration requirements.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the notes in
any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any state or jurisdiction.
Budget Group, Inc. is a global network of vehicle rental and sales
companies operating in three principal segments: Car Rental, Truck Rental and
Car Sales. In Car Rental, Budget Group, through subsidiary companies and their
franchisees, operates Budget Rent a Car Corporation, the world's third largest
car and truck rental system, and Premier Car Rental, the nation's third largest
company serving the insurance replacement market. The company also operates
VPSI, the U.S. leader in commuter van pooling services, and Budget Airport
Parking, a system of airport parking units located adjacent to Budget Rent a Car
facilities in select locations. In Truck Rental, Budget Group operates Ryder
TRS, the nation's second largest consumer truck rental company; Budget Truck
Rental, the third largest consumer truck rental company; and Cruise America, the
largest recreational vehicle rental and sales company in North America. In Car
Sales, Budget Group operates Budget Car Sales, one of the leading independent
retailers of late model vehicles in the U.S. with both new and used car
dealerships.
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