Avis Budget ABS subsidiary issues $500.5M in five-year asset-backed notes

AVIS BUDGET GROUP, INC.

Avis Budget Rental Car Funding (AESOP) issued $500.5M in Series 2022-5 ABS: Class A $434.1M at 6.12%, Class B $66.4M at 7.09%.
ABRCF retained $52.5M Class C notes (9.27%) and issued $30.4M Class R notes (11.162%) for risk retention.
Notes mature in five years and are secured primarily by vehicles in the domestic fleet.
Proceeds deposited into Collection Account and deemed Principal Collections for fleet funding.
Class B, C, and R notes are subordinated to Class A notes in right of payment.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AVIS BUDGET GROUP, INC. entered into Series 2022-5 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $500.5 million (effective 2022-11-29).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $500.5 million
Effective: 2022-11-29

Exact text from the filing

On November 29, 2022 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $500.5 million of asset-backed securities with a maturity of five years, comprised of $434.1 million aggregate principal amount of Series 2022-5 6.12%, Class A notes, and $66.4 million aggregate principal amount of Series 2022-5 7.09%, Class B notes.

View on SEC.gov

281 material agreements filed in the last 30 days. Browse all material agreements →

AVIS BUDGET GROUP, INC. filing history →

Source: SEC EDGAR

accession 0000950142-22-003287

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.