SEC Form SC 13D/A filed by Avis Budget Group Inc. (Amendment)

053774105

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(CUSIP Number)

 

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

November 30, 2022

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(Date of Event which Requires Filing of this Statement)

CUSIP No. 053774105

SCHEDULE 13D

Page 3 of 5

Percentage beneficial ownership reported herein is based on 41,466,412 shares of common stock outstanding as of October 28, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

This Amendment amends Items 4 and 6 as set forth below:

 

The response to Item 4 is supplemented by adding the following:

 

As previously disclosed, the Investment Manager reviews its investment in the Issuer on a continuing basis and may purchase or sell Common Stock of the Issuer or derivatives that reference Common Stock of the Issuer for a variety of reasons, including factors related to the management of its overall investment portfolio.

 

In connection with the management of its investment portfolio, the Investment Manager may enter into transactions, including in-kind distributions and sale transactions (some or all of which may be made pursuant to plans created under Rule 10b5-1(c)) that would reduce its exposure to the Issuer’s Common Stock over the next 12 months. Market conditions and other factors will determine the time period in which the Investment Manager undertakes such dispositions, if at all, as well as the amount of exposure disposed of, and there can be no assurance that the Investment Manager will complete the disposition or as to the timing thereof.

Item 6.     CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

Item 6 of the Schedule 13D is hereby amended and supplemented by the addition of the following:

On November 30, 2022, the Funds settled cash-settled equity swaps with respect to an aggregate of 1,500,000 shares of Common Stock. After giving effect to such transactions, the Reporting Persons may be deemed to have economic exposure to an aggregate of 2,862,283 shares of Common Stock pursuant to cash-settled equity swaps. The Reporting Persons do not have voting power or dispositive power with respect to the shares of Common Stock referenced in such swaps and disclaim beneficial ownership of the shares underlying such swaps.