---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-23-001058"
form_type: "8-K"
ticker: "CAR"
cik: "0000723612"
company_name: "AVIS BUDGET GROUP, INC."
filed_at: "2023-04-12T23:59:59+00:00"
generated_at: "2026-06-17T03:23:50.635102+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950142-23-001058
- form_type: 8-K
- ticker: CAR
- cik: 0000723612
- company_name: AVIS BUDGET GROUP, INC.
- filed_at: 2023-04-12T23:59:59+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/723612/000095014223001058/0000950142-23-001058-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723612/000095014223001058/eh230347691_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-23-001058
- JSON: https://secwatch.observer/filing/0000950142-23-001058.json
- Plain text: https://secwatch.observer/filing/0000950142-23-001058.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223001058/0000950142-23-001058-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223001058/0000950142-23-001058-index.htm

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