--- schema_version: "secwatch.filing_event.v1" accession: "0000950142-24-000165" form_type: "8-K" ticker: "CAR" cik: "0000723612" company_name: "AVIS BUDGET GROUP, INC." filed_at: "2024-01-18T23:59:59+00:00" generated_at: "2026-06-06T22:12:45.820671+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.55 calibrated_materiality_score: 0.55 confidence: "high" source: SEC EDGAR --- # Avis Budget issues $1.2B in ABS notes; reduces fleet financing facilities by $500M ## Summary - 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. ## SEC filing metadata - accession: 0000950142-24-000165 - form_type: 8-K - ticker: CAR - cik: 0000723612 - company_name: AVIS BUDGET GROUP, INC. - filed_at: 2024-01-18T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.55 - calibrated_materiality_score: 0.55 - confidence: high - sec_items: 1.01, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/723612/000095014224000165/0000950142-24-000165-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723612/000095014224000165/eh240438620_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000950142-24-000165 - JSON: https://secwatch.observer/filing/0000950142-24-000165.json - Plain text: https://secwatch.observer/filing/0000950142-24-000165.txt ## Key facts - Debt Financings 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014224000165/0000950142-24-000165-index.htm - Debt Financings 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014224000165/0000950142-24-000165-index.htm - Debt Financings 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014224000165/0000950142-24-000165-index.htm - Debt Financings 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014224000165/0000950142-24-000165-index.htm - Debt Financings 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014224000165/0000950142-24-000165-index.htm - Material Agreements 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014224000165/0000950142-24-000165-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.