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
- 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.
- 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.
- 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 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.
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