8-K
filed June 6, 2023, 7:59 PM ET
ticker CAR
CIK 0000723612
debt
confidence high
sentiment neutral
materiality 0.50
AVIS BUDGET GROUP, INC. (CAR): debt financing — Avis Budget Group subsidiary issues $1.002B in asset-backed securities in two tranches
AVIS BUDGET GROUP, INC.
- ABRCF issued $476M of 3-year ABS: $377M Class A at 5.78%, $60.2M Class B at 6.12%, $38.8M Class C at 6.85%, plus $26.2M Class R at 8.768%.
- ABRCF also issued $526M of 5-year ABS: $416.6M Class A at 5.81%, $66.5M Class B at 6.40%, $42.9M Class C at 7.03%, plus $29M Class R at 8.969%.
- Notes are secured by domestic fleet vehicles; proceeds used to fund fleet purchases.
- Class R notes held by AESOP Leasing L.P. 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 $526 million maturing five years.
- Instrument
- senior notes
- Principal
- $526 million
- Maturity
- five years
- Event
- incurrence
Exact text from the filing
On the Closing Date, ABRCF also issued $526 million of asset-backed securities with a maturity of five years, comprised of $416.6 million aggregate principal amount of Series 2023-6 5.81%, Class A notes, $66.5 million aggregate principal amount of Series 2023-6 6.40%, Class B notes and $42.9 million aggregate principal amount of Series 2023-6 7.03%, Class C 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 $476 million maturing three years.
- Instrument
- senior notes
- Principal
- $476 million
- Maturity
- three years
- Event
- incurrence
Exact text from the filing
On June 1, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $476 million of asset-backed securities with a maturity of three years, comprised of $377 million aggregate principal amount of Series 2023-5 5.78%, Class A notes, $60.2 million aggregate principal amount of Series 2023-5 6.12%, Class B notes and $38.8 million aggregate principal amount of Series 2023-5 6.85%, 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 2023-6 Supplement with The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-6 Agent valued at $526 million (effective 2023-06-01).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-6 Agent
- Value
- $526 million
- Effective
- 2023-06-01
Exact text from the filing
On the Closing Date, ABRCF also issued $526 million of asset-backed securities with a maturity of five years, comprised of $416.6 million aggregate principal amount of Series 2023-6 5.81%, Class A notes, $66.5 million aggregate principal amount of Series 2023-6 6.40%, Class B notes and $42.9 million aggregate principal amount of Series 2023-6 7.03%, Class C notes. ABRCF also issued $29 million aggregate principal amount of Series 2023-6 8.969%, Class R notes, which are subordinated to the Class A notes, the Class B notes and the Class C notes and were issued to comply with applicable U.S. risk retention rules. The Class R notes are held by our AESOP Leasing L.P. subsidiary. The notes were issued under the Series 2023-6 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-6 Agent (the “Series 2023-6 Supplement”), to the Base Indenture.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AVIS BUDGET GROUP, INC. entered into Series 2023-5 Supplement with The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-5 Agent valued at $476 million (effective 2023-06-01).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-5 Agent
- Value
- $476 million
- Effective
- 2023-06-01
Exact text from the filing
On June 1, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $476 million of asset-backed securities with a maturity of three years, comprised of $377 million aggregate principal amount of Series 2023-5 5.78%, Class A notes, $60.2 million aggregate principal amount of Series 2023-5 6.12%, Class B notes and $38.8 million aggregate principal amount of Series 2023-5 6.85%, Class C notes. ABRCF also issued $26.2 million aggregate principal amount of Series 2023-5 8.768%, Class R notes, which are subordinated to the Class A notes, the Class B notes and the Class C notes and were issued to comply with applicable U.S. risk retention rules. The Class R notes are held by our AESOP Leasing L.P. subsidiary. The notes were issued under the Series 2023-5 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-5 Agent (the “Series 2023-5 Supplement”), to the Second Amen
View on SEC.gov
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