AVIS BUDGET GROUP, INC. (CAR): debt financing — Avis Budget issues $1.2B in ABS notes; reduces fleet financing facilities by $500M

AVIS BUDGET GROUP, INC.

Issued $1.2B Series 2024-1 ABS: $950.4M Class A (5.36%), $151.8M Class B (5.85%), $97.8M Class C (6.48%), $66M Class R (8.427%) notes, 5-year maturity.
Amended variable-funding facilities: Series 2010-6 reduced by $400M to $3.21B; Series 2015-3 reduced by $100M to $279.3M, effective Feb 28, 2024.
Notes secured by domestic fleet and related assets; proceeds used for rental car financing.
Class R notes held by subsidiary AESOP Leasing L.P. to satisfy 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 debt of $66 million with The Bank of New York Mellon Trust Company, N.A. at 8.427% maturing maturity of five years.

Principal: $66 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Rate: 8.427%
Maturity: maturity of five years
Event: incurrence

Exact text from the filing

million aggregate principal amount of Series 2024-1 5.85%, Class B notes and $97.8 million aggregate principal amount of Series 2024-1 6.48%, Class C notes. ABRCF also issued $66 million aggregate principal amount of Series 2024-1 8.427%, 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

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

AVIS BUDGET GROUP, INC. amended credit facility of reduced by $400 million to $3.21 billion in the case of the Series 2010-6 Notes facility, and by $100 million to $279.3 with unknown at not specified maturing not specified.

Instrument: credit facility
Principal: reduced by $400 million to $3.21 billion in the case of the Series 2010-6 Notes facility, and by $100 million to $279.3
Rate: not specified
Maturity: not specified
Event: amendment

Exact text from the filing

Pursuant to the amendments, the aggregate principal amounts of each facility will be reduced on February 28, 2024, by $400 million to $3.21 billion in the case of the Series 2010-6 Notes facility, and by $100 million to $279.3 million in the case of the Series 2015-3 facility.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

AVIS BUDGET GROUP, INC. incurred senior notes of $950.4 million with The Bank of New York Mellon Trust Company, N.A. at 5.36% maturing maturity of five years.

Instrument: senior notes
Principal: $950.4 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Rate: 5.36%
Maturity: maturity of five years
Event: incurrence

Exact text from the filing

On January 12, 2024 (the "Closing Date"), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary ("ABRCF") issued $1.2 billion of asset-backed securities with a maturity of five years, comprised of $950.4 million aggregate principal amount of Series 2024-1 5.36%, Class A notes, $151.8 million aggregate principal amount of Series 2024-1 5.85%, Class B notes and $97.8 million aggregate principal amount of Series 2024-1 6.48%, Class C notes.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

AVIS BUDGET GROUP, INC. incurred senior notes of $151.8 million with The Bank of New York Mellon Trust Company, N.A. at 5.85% maturing maturity of five years.

Instrument: senior notes
Principal: $151.8 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Rate: 5.85%
Maturity: maturity of five years
Event: incurrence

Exact text from the filing

On January 12, 2024 (the "Closing Date"), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary ("ABRCF") issued $1.2 billion of asset-backed securities with a maturity of five years, comprised of $950.4 million aggregate principal amount of Series 2024-1 5.36%, Class A notes, $151.8 million aggregate principal amount of Series 2024-1 5.85%, Class B notes and $97.8 million aggregate principal amount of Series 2024-1 6.48%, Class C notes.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

AVIS BUDGET GROUP, INC. incurred senior notes of $97.8 million with The Bank of New York Mellon Trust Company, N.A. at 6.48% maturing maturity of five years.

Instrument: senior notes
Principal: $97.8 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Rate: 6.48%
Maturity: maturity of five years
Event: incurrence

Exact text from the filing

On January 12, 2024 (the "Closing Date"), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary ("ABRCF") issued $1.2 billion of asset-backed securities with a maturity of five years, comprised of $950.4 million aggregate principal amount of Series 2024-1 5.36%, Class A notes, $151.8 million aggregate principal amount of Series 2024-1 5.85%, Class B notes and $97.8 million aggregate principal amount of Series 2024-1 6.48%, 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 2024-1 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $1.2 billion (effective 2024-01-12).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $1.2 billion
Effective: 2024-01-12

Exact text from the filing

The notes were issued under the Series 2024-1 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2024-1 Agent (the “Series

View on SEC.gov

283 debt financings filed in the last 30 days. Browse all debt financings →

AVIS BUDGET GROUP, INC. filing history →

Source: SEC EDGAR

accession 0000950142-24-000165

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.