Loan & DebtMay 5, 2026, 05:07 PM
Avis Budget increases financing facilities to $2.76B; extends terms
AI Summary
Avis Budget Group, Inc.'s subsidiary, Avis Budget Rental Car Funding (AESOP) LLC, completed an amendment and extension of its asset-backed variable-funding financing facilities on April 30, 2026. This action increased the aggregate amount of the Series 2010-6 Notes facility from approximately $2.227 billion to $2.628 billion and the Series 2015-3 Notes facility from $109 million to $132 million. The amendments also extended the term for Class A notes to two years and Class B notes to one year, while setting a reduction date for the increased amounts on November 1, 2026.
Key Highlights
- Avis Budget Rental Car Funding (AESOP) LLC amended and extended its asset-backed variable-funding financing facilities.
- Series 2010-6 Notes facility increased from $2.227 billion to $2.628 billion.
- Series 2015-3 Notes facility increased from $109 million to $132 million.
- Class A notes for both facilities now have a two-year term, extending to April 30, 2028.
- Class B notes for both facilities now have a one-year term, extending to April 30, 2027.
- Aggregate amounts will be reduced by $438 million (2010-6) and $22 million (2015-3) on November 1, 2026.
- The Reduction Date for both facilities was extended to November 1, 2026.