EXHIBIT 99.1


Cendant Completes Previously Announced Zero-Coupon Zero-Yield Convert
ible Notes Offering

NEW YORK, NY, May 4, 2001 -- Cendant Corporation (NYSE: CD - news) today
announced that it has completed the previously announced sale of $800
million of zero-coupon zero-yield senior convertible notes due 2021 in a
private offering through Goldman Sachs resulting in gross proceeds of
approximately $800 million. The underwriter will also have a 30-day option
to purchase up to an additional $200 million principal amount of notes to
cover over-allotments. Cendant will use the proceeds for general corporate
purposes and to repay certain debt.

The notes will be convertible into shares of Cendant common stock at a
price per share of $25.59 if the closing price of Cendant's common shares
on the New York Stock Exchange exceeds specified levels or in certain other
circumstances. The conversion price represents a 41% conversion premium on
the April 27, 2001 New York Stock Exchange closing price of $18.15 for
Cendant common shares. At the time of conversion, each $1,000 principal
amount at maturity note will be convertible into 39.0755 shares of Cendant
common stock. The notes will not be redeemable by Cendant prior to May
2004. Cendant may be required to repurchase notes, at the option of the
holders, at certain specified times prior to 2021 but not prior to May
2002. Cendant may choose to pay the purchase price for the foregoing
repurchases in cash or shares of Cendant common stock, or a combination
thereof.

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 reloca tion; 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.


Media Contact:
Elliot Bloom
212-413-1832

Investor Contacts:
Denise Gillen
212-413-1833

Sam Levenson
212-413-1834