---
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"
generated_at: "2026-06-10T11:27:33.266345+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Avis Budget subsidiary issues $1B in ABS: $300M 3-year and $700M 5-year notes

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-23-002455
- JSON: https://secwatch.observer/filing/0000950142-23-002455.json
- Plain text: https://secwatch.observer/filing/0000950142-23-002455.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002455/0000950142-23-002455-index.htm

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