Avis Budget Group Announces Offering of $450 Million Term Asset-Backed Notes

On Sept. 24, Avis Budget Group Inc. announced that its Avis Budget Rental Car Funding (AESOP) LLC subsidiary has priced $450 million of its Series 2009-2 asset-backed term notes to finance the company's domestic car rental fleet. The notes will bear interest at 5.68 percent per annum, will have an expected final payment date in February 2013 and are expected to be rated Aaa by Moody's Investors Service upon issuance. The transaction is expected to close in early October, subject to customary closing conditions.

The Series 2009-2 Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state securities laws, and may not be offered or sold in the United States without registration under the Securities Act or pursuant to any applicable exemption from such registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Series 2009-2 Notes, nor shall it constitute an offer, solicitation or sale of the Series 2009-2 Notes in any state in which such offer, solicitation or sale would be unlawful.

Comment On This Story

Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Why Do We Visit Capitol Hill?

Members of the American Car Rental Association met with U.S. senators, representatives, and their aides last week. Here’s why bringing the message to this forum matters.

The Customer Isn’t Always Right

Not caving to a customer with a blatant agenda may have consequences, especially for a small rental company that relies on stellar Yelp ratings to advertise. But business integrity must prevail.

The Truth Behind Compact Van Depreciation

Why are large van values holding up better than their compact counterparts, and will it last?

Job Finder: Access Top Talent. Fill Key Positions.