Cendant Issues $600 Million Notes

Cendant Corporation (NYSE: CD) announced today that it has sold in a public offering $600 million of senior unsecured notes, of which $350 million are to be issued as 6.25% Senior Notes due 2010 and $250 million as 7.125% Senior Notes due 2015.
The proceeds will be used to reduce outstanding indebtedness and for general corporate purposes. Salomon Smith Barney and UBS Warburg are joint book-running managers for the transaction. The completion of this transaction is scheduled for Tuesday, March 11, 2003 subject to customary closing conditions.
“This completes our strategy initiated last fall to extend the term of our debt maturities. With this offering we have achieved our intended goal,” stated Kevin Sheehan, chief financial officer, Cendant Corporation.
This press release does not constitute an offer of any securities for sale. A prospectus, when available, can be obtained from sales representatives of Salomon Smith Barney and USB Warburg.
Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.
Statements about future results made in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance.