{"schema_version":"secwatch.filing_event.v1","accession":"0000950142-23-002455","form_type":"8-K","ticker":"CAR","cik":"0000723612","company_name":"AVIS BUDGET GROUP, INC.","filed_at":"2023-09-21T23:59:59+00:00","discovered_at":"2026-05-14T18:03:36.508328+00:00","generated_at":"2026-06-10T11:27:33.266345+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Avis Budget subsidiary issues $1B in ABS: $300M 3-year and $700M 5-year notes","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000950142-23-002455","json":"https://secwatch.observer/filing/0000950142-23-002455.json","markdown":"https://secwatch.observer/filing/0000950142-23-002455.md","text":"https://secwatch.observer/filing/0000950142-23-002455.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/eh230400939_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T11:27:33.266345+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"350320ae53bdc64fd11c251276f15f7eab4f94f0","claim":"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.","evidence_excerpt":"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”),","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$24.5 million"},{"label":"Counterparty","value":"The Bank of New York Mellon Trust Company, N.A."},{"label":"Rate","value":"7.41%"},{"label":"Maturity","value":"three years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"59a076600c9c1e2e25678d587819f5e630c7ff8d","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$554.4 million"},{"label":"Counterparty","value":"The Bank of New York Mellon Trust Company, N.A."},{"label":"Rate","value":"6.02%"},{"label":"Maturity","value":"five years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"8cab6eb410b12e03b0ce89abdebed4504ad50424","claim":"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.","evidence_excerpt":"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”),","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$38 million"},{"label":"Counterparty","value":"The Bank of New York Mellon Trust Company, N.A."},{"label":"Rate","value":"6.44%"},{"label":"Maturity","value":"three years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"98e0797a3c3a9dc818509e00e69a9e6290d04859","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$237.6 million"},{"label":"Counterparty","value":"The Bank of New York Mellon Trust Company, N.A."},{"label":"Rate","value":"5.90%"},{"label":"Maturity","value":"three years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"b24aba59e6d581bb10094750c2eb0fffe60ddb2a","claim":"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.","evidence_excerpt":"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”),","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$88.6 million"},{"label":"Counterparty","value":"The Bank of New York Mellon Trust Company, N.A."},{"label":"Rate","value":"6.66%"},{"label":"Maturity","value":"five years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"a40bd6f4cf39342aec0c07081abf7be5ea99b777","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"The Bank of New York Mellon Trust Company, N.A."},{"label":"Value","value":"$300 million of asset-backed securities (Series 2023-7)"},{"label":"Effective","value":"2023-09-18"}],"fact_type":"material_agreement"},{"claim_id":"d6b9209c30d533bd9a30ecb10174d74c93c9fdd6","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"The Bank of New York Mellon Trust Company, N.A."},{"label":"Value","value":"$700 million of asset-backed securities (Series 2023-8)"},{"label":"Effective","value":"2023-09-18"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}