Filing Details

Accession Number:
0000902664-19-001295
Form Type:
4
Zero Holdings:
No
Publication Time:
2019-02-26 14:00:25
Reporting Period:
2019-02-22
Accepted Time:
2019-02-26 14:00:25
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
723612 Avis Budget Group Inc. CAR Services-Auto Rental & Leasing (No Drivers) (7510) 060918165
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1503174 Srs Investment Management, Llc 1 Bryant Park
39Th Floor
New York NY 10036
No No Yes No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Stock, Par Value $0.01 (Common Stock) Acquisiton 2019-02-22 3,500 $40.00 12,003,500 Yes 4 X Indirect See footnotes
Common Stock Disposition 2019-02-22 3,500 $35.33 12,000,000 Yes 4 J Indirect See footnotes
Common Stock Acquisiton 2019-02-22 1,070,300 $25.00 13,070,300 Yes 4 X Indirect See footnotes
Common Stock Disposition 2019-02-22 1,070,300 $35.33 12,000,000 Yes 4 J Indirect See footnotes
Common Stock Acquisiton 2019-02-22 1,122,700 $30.00 13,122,700 Yes 4 X Indirect See footnotes
Common Stock Disposition 2019-02-22 1,122,700 $35.33 12,000,000 Yes 4 J Indirect See footnotes
Common Stock Acquisiton 2019-02-22 1,588,800 $26.40 13,588,800 Yes 4 X Indirect See footnotes
Common Stock Disposition 2019-02-22 1,588,800 $35.33 12,000,000 Yes 4 J Indirect See footnotes
Common Stock Acquisiton 2019-02-22 400,000 $26.41 12,400,000 Yes 4 X Indirect See footnotes
Common Stock Disposition 2019-02-22 400,000 $35.33 12,000,000 Yes 4 J Indirect See footnotes
Common Stock Acquisiton 2019-02-22 4,189,300 $35.33 16,189,300 No 4 P Indirect See footnotes
Equity Swap Involved Form Type Code Nature of Ownership Explanation
Yes 4 X Indirect See footnotes
Yes 4 J Indirect See footnotes
Yes 4 X Indirect See footnotes
Yes 4 J Indirect See footnotes
Yes 4 X Indirect See footnotes
Yes 4 J Indirect See footnotes
Yes 4 X Indirect See footnotes
Yes 4 J Indirect See footnotes
Yes 4 X Indirect See footnotes
Yes 4 J Indirect See footnotes
No 4 P Indirect See footnotes
Reported Derivative Transactions
Sec. Name Sec. Type Acquisiton - Disposition Date Amount Price Amount - 2 Price - 2
Common Stock Equity Swap (obligation to buy) Disposition 2019-02-22 1 $0.00 3,500 $40.00
Common Stock Equity Swap (obligation to buy) Disposition 2019-02-22 1 $0.00 1,070,300 $25.00
Common Stock Equity Swap (obligation to buy) Disposition 2019-02-22 1 $0.00 1,122,700 $30.00
Common Stock Equity Swap (obligation to buy) Disposition 2019-02-22 1 $0.00 1,588,800 $26.40
Common Stock Equity Swap (obligation to buy) Disposition 2019-02-22 1 $0.00 400,000 $26.41
Remaning Holdings Exercise Date Expiration Date Equity Swap Involved Transaction Form Type Transaction Code Nature of Ownership
0 2021-01-19 Yes 4 X Indirect
0 2020-01-21 Yes 4 X Indirect
0 2020-01-21 Yes 4 X Indirect
0 2019-12-18 Yes 4 X Indirect
0 2019-02-25 Yes 4 X Indirect
Reported Derivative Holdings
Sec. Name Sec. Type Price Date Expiration Date Amount Remaning Holdings Nature of Ownership
Common Stock Equity Swap (obligation to buy) $0.00 8,810,700 8,810,700 Indirect
Expiration Date Amount Remaning Holdings Nature of Ownership
8,810,700 8,810,700 Indirect
Footnotes
  1. Equity swaps settled on February 22, 2019 pursuant to their terms based on the closing price of the Common Stock on such date. The swaps were exercisable at any time.
  2. 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, an Indian citizen ("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.
  3. 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.
  4. The Reporting Persons' aggregate swap position references a total of 8,810,700 shares of Common Stock. The reference prices of the equity swaps range from $23.52 to $40.00. The swaps shall continue until terminated as elected by the parties, and have an initial reference maturity date of March 6, 2023.