AVIS BUDGET GROUP, INC. (CAR): debt financing — Avis Budget subsidiary issues $1.1B in ABS notes across two series

AVIS BUDGET GROUP, INC.

ABRCF issued $400M Series 2024-2 notes (3yr) with Class A/B/C/R rates from 5.13% to 7.942%.
ABRCF issued $700M Series 2024-3 notes (5yr) with Class A/B/C/R rates from 5.23% to 8.062%.
Notes secured by vehicles in Avis domestic fleet; Class R notes held by AESOP Leasing for risk retention.
Proceeds from sale deposited into Collection Account as 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 debt of $400 million with The Bank of New York Mellon Trust Company, N.A. maturing three years.

Principal: $400 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Maturity: three years
Event: incurrence

Exact text from the filing

On March 12, 2024 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $400 million of asset-backed securities with a maturity of three years

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AVIS BUDGET GROUP, INC. incurred debt of $700 million with The Bank of New York Mellon Trust Company, N.A. maturing five years.

Principal: $700 million
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Maturity: five years
Event: incurrence

Exact text from the filing

On the Closing Date, ABRCF also issued $700 million of asset-backed securities with a maturity of five years

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AVIS BUDGET GROUP, INC. entered into Series 2024-2 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $400 million (effective 2024-03-12).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $400 million
Effective: 2024-03-12

Exact text from the filing

The notes were issued under the Series 2024-2 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2024-2 Agent (the “Series 2024-2 Supplement”),

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AVIS BUDGET GROUP, INC. entered into Series 2024-3 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $700 million (effective 2024-03-12).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $700 million
Effective: 2024-03-12

Exact text from the filing

etween ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2024-2 Agent (the “Series 2024-2 Supplement”),

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

AVIS BUDGET GROUP, INC. filing history →

Source: SEC EDGAR

accession 0000950142-24-000731

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