Avis Budget Group raises $650M in asset-backed securities

Avis Budget Group (NASDAQ: CAR) disclosed that its Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $650 million in asset-backed securities on Sept. 21, 2026, with a five-year maturity.

The offering consists of four classes of Series 2026-5 notes: $474.5 million in Class A notes at 5.69%, $61.75 million in Class B notes at 5.95%, $47.125 million in Class C notes at 6.44%, and $66.625 million in Class D notes at 8.14%.

An additional $35.75 million in Class R notes was issued at a rate of 9.598%, subordinated to the other four classes. The Class R notes were issued to comply with U.S. risk retention rules and are held by the company's AESOP Leasing L.P. subsidiary.

The notes are secured by vehicles in Avis Budget Group's domestic fleet and other related assets, under the Series 2026-5 Supplement entered into with The Bank of New York Mellon Trust Company, N.A., acting as trustee and Series 2026-5 Agent.

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