AVIS BUDGET GROUP, INC. (CAR): debt financing — Avis Budget issues $850M in asset-backed securities across two series

AVIS BUDGET GROUP, INC.

Series 2023-1: $500M total; $433.7M Class A (5.25%), $66.3M Class B (6.08%), plus retained $52.49M Class C (8.70%) and $30.4M Class R (10.623%).
Series 2023-2: $350M total; $303.59M Class A (5.20%), $46.41M Class B (6.03%), plus retained $36.74M Class C (8.55%) and $21.3M Class R (10.476%).
Series 2023-1 matures in 5 years; Series 2023-2 in 3 years; secured by domestic fleet and other related assets.
Class C notes retained by ABRCF; Class R notes held by AESOP Leasing to comply with U.S. risk retention rules.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AVIS BUDGET GROUP, INC. incurred senior notes of $500 million with The Bank of New York Mellon Trust Company, N.A. at 5.25% for Class A, 6.08% for Class B maturing five years.

Instrument: senior notes
Principal: $500 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Rate: 5.25% for Class A, 6.08% for Class B
Maturity: five years
Event: incurrence

Exact text from the filing

On January 17, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $500 million of asset-backed securities with a maturity of five years, comprised of $433.7 million aggregate principal amount of Series 2023-1 5.25%, Class A notes, and $66.3 million aggregate principal amount of Series 2023-1 6.08%, Class B notes.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AVIS BUDGET GROUP, INC. incurred senior notes of $350 million with The Bank of New York Mellon Trust Company, N.A. at 5.20% for Class A, 6.03% for Class B maturing three years.

Instrument: senior notes
Principal: $350 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Rate: 5.20% for Class A, 6.03% for Class B
Maturity: three years
Event: incurrence

Exact text from the filing

On the Closing Date, ABRCF also issued $350 million of asset-backed securities with a maturity of three years, comprised of $303.59 million aggregate principal amount of Series 2023-2 5.20%, Class A notes, and $46.41 million aggregate principal amount of Series 2023-2 6.03%, Class B notes.

View on SEC.gov

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

AVIS BUDGET GROUP, INC. entered into Series 2023-2 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $350 million (effective 2023-01-17).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $350 million
Effective: 2023-01-17

Exact text from the filing

On the Closing Date, ABRCF also issued $350 million of asset-backed securities with a maturity of three years, comprised of $303.59 million aggregate principal amount of Series 2023-2 5.20%, Class A notes, and $46.41 million aggregate principal amount of Series 2023-2 6.03%, Class B notes.

View on SEC.gov

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

AVIS BUDGET GROUP, INC. entered into Series 2023-1 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $500 million (effective 2023-01-17).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $500 million
Effective: 2023-01-17

Exact text from the filing

On January 17, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $500 million of asset-backed securities with a maturity of five years, comprised of $433.7 million aggregate principal amount of Series 2023-1 5.25%, Class A notes, and $66.3 million aggregate principal amount of Series 2023-1 6.08%, Class B notes.

View on SEC.gov

102 debt financings filed in the last 30 days. Browse all debt financings →

AVIS BUDGET GROUP, INC. filing history →

Source: SEC EDGAR

accession 0000950142-23-000177

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