Cendant Raises $750 Million Through Offering of Senior Zero-Coupon Zero-Yield Convertible Notes

Company Raises 2001 Adjusted EPS Projection to $1.01 From $1.00



Fourth Time Company Has Increased 2001 Outlook



Apr 30, 2001, 01:00 ET from Cendant Corporation

    NEW YORK, April 30 /PRNewswire/ -- Cendant Corporation (NYSE:   CD) today
 announced that it has agreed to sell $750 million of zero-coupon zero-yield
 convertible senior notes due 2021 in a private offering resulting in proceeds
 of approximately $750 million.  The initial purchaser will also have a 30-day
 option to purchase up to an additional $150 million of notes to cover
 over-allotments.
     The Company also announced that this offering is expected to be accretive
 to earnings per share in 2001.  In addition, the Company's business units
 continue to perform at or ahead of expectations.  Accordingly, the Company has
 raised its projected adjusted earnings per share from continuing operations
 for 2001 to $1.01 from $1.00, with the benefit coming in the second half of
 the year.  This represents the fourth time this year that Cendant has raised
 its adjusted earnings per share projection for 2001.
     The notes have not been registered under United States securities laws and
 may not be offered or sold in the United States except to qualified
 institutional buyers.  The offering is scheduled to close on May 3, 2001.
 Cendant will use the proceeds from the offering for general corporate
 purposes.
 
     Cendant Corporation is a diversified global provider of business and
 consumer services primarily within the real estate and travel sectors. The
 Company's fee-for-service businesses include hotel, real estate and tax
 preparation franchising; rental cars, fleet leasing and fuel cards; mortgage
 origination and employee relocation; customer loyalty programs; vacation
 exchange and rental services and vacation interval sales.  Other business
 units include the UK's largest private car park operator and electronic
 reservations processing for the travel industry.  With headquarters in New
 York City, the Company has approximately 60,000 employees and operates 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. Actual results may differ materially
 from those expressed or implied in the forward-looking statements. Important
 assumptions and other important factors that could cause actual results to
 differ materially from those in the forward-looking statements are specified
 in the Company's Form 10-K for the year ended December 31, 2000.
 
     Such forward-looking statements include projections.  Such projections
 were not prepared in accordance with published guidelines of the American
 Institute of Certified Public Accountants or the SEC regarding projections and
 forecasts, nor have such projections been audited, examined or otherwise
 reviewed by independent auditors of Cendant or its affiliates.  In
 addition, such projections are based upon many estimates and are inherently
 subject to significant economic and competitive uncertainties and
 contingencies, many of which are beyond the control of management of Cendant
 and its affiliates.  Certain of such uncertainties and contingencies are
 specified in Cendant's Form 10-K for the year ended December 31, 2000.
 Accordingly, actual results may be materially higher or lower than those
 projected.  The inclusion of such projections herein should not be regarded as
 a representation by Cendant or its affiliates that the projections will prove
 to be correct.
 
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SOURCE Cendant Corporation
    NEW YORK, April 30 /PRNewswire/ -- Cendant Corporation (NYSE:   CD) today
 announced that it has agreed to sell $750 million of zero-coupon zero-yield
 convertible senior notes due 2021 in a private offering resulting in proceeds
 of approximately $750 million.  The initial purchaser will also have a 30-day
 option to purchase up to an additional $150 million of notes to cover
 over-allotments.
     The Company also announced that this offering is expected to be accretive
 to earnings per share in 2001.  In addition, the Company's business units
 continue to perform at or ahead of expectations.  Accordingly, the Company has
 raised its projected adjusted earnings per share from continuing operations
 for 2001 to $1.01 from $1.00, with the benefit coming in the second half of
 the year.  This represents the fourth time this year that Cendant has raised
 its adjusted earnings per share projection for 2001.
     The notes have not been registered under United States securities laws and
 may not be offered or sold in the United States except to qualified
 institutional buyers.  The offering is scheduled to close on May 3, 2001.
 Cendant will use the proceeds from the offering for general corporate
 purposes.
 
     Cendant Corporation is a diversified global provider of business and
 consumer services primarily within the real estate and travel sectors. The
 Company's fee-for-service businesses include hotel, real estate and tax
 preparation franchising; rental cars, fleet leasing and fuel cards; mortgage
 origination and employee relocation; customer loyalty programs; vacation
 exchange and rental services and vacation interval sales.  Other business
 units include the UK's largest private car park operator and electronic
 reservations processing for the travel industry.  With headquarters in New
 York City, the Company has approximately 60,000 employees and operates 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. Actual results may differ materially
 from those expressed or implied in the forward-looking statements. Important
 assumptions and other important factors that could cause actual results to
 differ materially from those in the forward-looking statements are specified
 in the Company's Form 10-K for the year ended December 31, 2000.
 
     Such forward-looking statements include projections.  Such projections
 were not prepared in accordance with published guidelines of the American
 Institute of Certified Public Accountants or the SEC regarding projections and
 forecasts, nor have such projections been audited, examined or otherwise
 reviewed by independent auditors of Cendant or its affiliates.  In
 addition, such projections are based upon many estimates and are inherently
 subject to significant economic and competitive uncertainties and
 contingencies, many of which are beyond the control of management of Cendant
 and its affiliates.  Certain of such uncertainties and contingencies are
 specified in Cendant's Form 10-K for the year ended December 31, 2000.
 Accordingly, actual results may be materially higher or lower than those
 projected.  The inclusion of such projections herein should not be regarded as
 a representation by Cendant or its affiliates that the projections will prove
 to be correct.
 
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                http://tbutton.prnewswire.com/prn/11690X77647176
 
 SOURCE  Cendant Corporation