---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-23-000177"
form_type: "8-K"
ticker: "CAR"
cik: "0000723612"
company_name: "AVIS BUDGET GROUP, INC."
filed_at: "2023-01-20T23:59:59+00:00"
generated_at: "2026-06-20T12:46:55.028128+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Avis Budget issues $850M in asset-backed securities across two series

## Summary
- 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.

## SEC filing metadata
- accession: 0000950142-23-000177
- form_type: 8-K
- ticker: CAR
- cik: 0000723612
- company_name: AVIS BUDGET GROUP, INC.
- filed_at: 2023-01-20T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723612/000095014223000177/0000950142-23-000177-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723612/000095014223000177/eh230319711_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-23-000177
- JSON: https://secwatch.observer/filing/0000950142-23-000177.json
- Plain text: https://secwatch.observer/filing/0000950142-23-000177.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223000177/0000950142-23-000177-index.htm
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223000177/0000950142-23-000177-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223000177/0000950142-23-000177-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223000177/0000950142-23-000177-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.