8-K
filed September 21, 2023, 7:59 PM ET
ticker CAR
CIK 0000723612
debt
confidence high
sentiment neutral
materiality 0.60
AVIS BUDGET GROUP, INC. (CAR): debt financing — Avis Budget subsidiary issues $1B in ABS: $300M 3-year and $700M 5-year notes
AVIS BUDGET GROUP, INC.
- Issued $300M Series 2023-7 notes (3yr): Class A $237.6M at 5.90%, Class B $38M at 6.44%, Class C $24.5M at 7.41%, Class R $16.5M at 9.321%.
- Issued $700M Series 2023-8 notes (5yr): Class A $554.4M at 6.02%, Class B $88.6M at 6.66%, Class C $57M at 7.34%, Class R $38.5M at 9.268%.
- Notes are secured by vehicles in Avis Budget's domestic fleet and related assets.
- Proceeds from both series deposited into the collection account and deemed Principal Collections.
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 $24.5 million with The Bank of New York Mellon Trust Company, N.A. at 7.41% maturing three years.
- Instrument
- senior notes
- Principal
- $24.5 million
- Counterparty
- The Bank of New York Mellon Trust Company, N.A.
- Rate
- 7.41%
- Maturity
- three years
- Event
- incurrence
Exact text from the filing
etween ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-7 Agent (the “Series 2023-7 Supplement”),
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 $554.4 million with The Bank of New York Mellon Trust Company, N.A. at 6.02% maturing five years.
- Instrument
- senior notes
- Principal
- $554.4 million
- Counterparty
- The Bank of New York Mellon Trust Company, N.A.
- Rate
- 6.02%
- Maturity
- five years
- Event
- incurrence
Exact text from the filing
issued $700 million of asset-backed securities with a maturity of five years, comprised of $554.4 million aggregate principal amount of Series 2023-8 6.02%, Class A 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 $38 million with The Bank of New York Mellon Trust Company, N.A. at 6.44% maturing three years.
- Instrument
- senior notes
- Principal
- $38 million
- Counterparty
- The Bank of New York Mellon Trust Company, N.A.
- Rate
- 6.44%
- Maturity
- three years
- Event
- incurrence
Exact text from the filing
etween ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-7 Agent (the “Series 2023-7 Supplement”),
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 $237.6 million with The Bank of New York Mellon Trust Company, N.A. at 5.90% maturing three years.
- Instrument
- senior notes
- Principal
- $237.6 million
- Counterparty
- The Bank of New York Mellon Trust Company, N.A.
- Rate
- 5.90%
- Maturity
- three years
- Event
- incurrence
Exact text from the filing
issued $300 million of asset-backed securities with a maturity of three years, comprised of $237.6 million aggregate principal amount of Series 2023-7 5.90%, Class A 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 $88.6 million with The Bank of New York Mellon Trust Company, N.A. at 6.66% maturing five years.
- Instrument
- senior notes
- Principal
- $88.6 million
- Counterparty
- The Bank of New York Mellon Trust Company, N.A.
- Rate
- 6.66%
- Maturity
- five years
- Event
- incurrence
Exact text from the filing
etween ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-7 Agent (the “Series 2023-7 Supplement”),
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AVIS BUDGET GROUP, INC. entered into Series 2023-7 Supplement to the Second Amended and Restated Base Indenture with The Bank of New York Mellon Trust Company, N.A. valued at $300 million of asset-backed securities (Series 2023-7) (effective 2023-09-18).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- The Bank of New York Mellon Trust Company, N.A.
- Value
- $300 million of asset-backed securities (Series 2023-7)
- Effective
- 2023-09-18
Exact text from the filing
On September 18, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $300 million of asset-backed securities with a maturity of three years, comprised of $237.6 million aggregate principal amount of Series 2023-7 5.90%, Class A notes, $38 million aggregate principal amount of Series 2023-7 6.44%, Class B notes and $24.5 million aggregate principal amount of Series 2023-7 7.41%, 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 2023-8 Supplement to the Second Amended and Restated Base Indenture with The Bank of New York Mellon Trust Company, N.A. valued at $700 million of asset-backed securities (Series 2023-8) (effective 2023-09-18).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- The Bank of New York Mellon Trust Company, N.A.
- Value
- $700 million of asset-backed securities (Series 2023-8)
- Effective
- 2023-09-18
Exact text from the filing
On the Closing Date, ABRCF also issued $700 million of asset-backed securities with a maturity of five years, comprised of $554.4 million aggregate principal amount of Series 2023-8 6.02%, Class A notes, $88.6 million aggregate principal amount of Series 2023-8 6.66%, Class B notes and $57 million aggregate principal amount of Series 2023-8 7.34%, Class C notes.
View on SEC.gov
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