--- schema_version: "secwatch.filing_event.v1" accession: "0000950142-23-001614" form_type: "8-K" ticker: "CAR" cik: "0000723612" company_name: "AVIS BUDGET GROUP, INC." filed_at: "2023-06-06T23:59:59+00:00" generated_at: "2026-06-14T06:56:38.468107+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.5 calibrated_materiality_score: 0.5 confidence: "high" source: SEC EDGAR --- # Avis Budget Group subsidiary issues $1.002B in asset-backed securities in two tranches ## Summary - 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. ## SEC filing metadata - accession: 0000950142-23-001614 - form_type: 8-K - ticker: CAR - cik: 0000723612 - company_name: AVIS BUDGET GROUP, INC. - filed_at: 2023-06-06T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.5 - calibrated_materiality_score: 0.5 - confidence: high - sec_items: 1.01, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/723612/000095014223001614/0000950142-23-001614-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723612/000095014223001614/eh230364308_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000950142-23-001614 - JSON: https://secwatch.observer/filing/0000950142-23-001614.json - Plain text: https://secwatch.observer/filing/0000950142-23-001614.txt ## Key facts - Debt Financings AVIS BUDGET GROUP, INC. incurred senior notes of $526 million maturing five years. - Instrument: senior notes - Principal: $526 million - Maturity: five years - Event: incurrence source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223001614/0000950142-23-001614-index.htm - Debt Financings AVIS BUDGET GROUP, INC. incurred senior notes of $476 million maturing three years. - Instrument: senior notes - Principal: $476 million - Maturity: three years - Event: incurrence source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223001614/0000950142-23-001614-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223001614/0000950142-23-001614-index.htm - Material Agreements 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223001614/0000950142-23-001614-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.