Avis Budget issues $450M 3-year and $550M 5-year ABS notes secured by fleet

AVIS BUDGET GROUP, INC.

Issued $450M Series 2023-3 ABS (3-yr): $353.25M Class A (5.44%), $54M Class B (6.12%), $42.75M Class C (7.05%), $24.75M Class R (8.964%).
Issued $550M Series 2023-4 ABS (5-yr): $431.75M Class A (5.49%), $66M Class B (6.32%), $52.25M Class C (7.24%), $30.2M Class R (9.170%).
Notes are secured by vehicles in the domestic fleet and other related assets.
Class R notes held by AESOP Leasing L.P. to satisfy U.S. risk retention rules.

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 2023-3 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $450 million (effective 2023-04-06).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $450 million
Effective: 2023-04-06

Exact text from the filing

On April 6, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $450 million of asset-backed securities with a maturity of three years, comprised of $353.25 million aggregate principal amount of Series 2023-3 5.44%, Class A notes, $54 million aggregate principal amount of Series 2023-3 6.12%, Class B notes and $42.75 million aggregate principal amount of Series 2023-3 7.05%, Class C 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 2023-4 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $550 million (effective 2023-04-06).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $550 million
Effective: 2023-04-06

Exact text from the filing

On the Closing Date, ABRCF also issued $550 million of asset-backed securities with a maturity of five years, comprised of $431.75 million aggregate principal amount of Series 2023-4 5.49%, Class A notes, and $66 million aggregate principal amount of Series 2023-4 6.32%, Class B notes and $52.25 million aggregate principal amount of Series 2023-4 7.24%, Class C 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 0000950142-23-001058

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.