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

Avis Budget Group Inc. announced today that its Avis Budget Rental Car Funding (AESOP) LLC subsidiary has closed its $450 million Series 2009-2 asset-backed term notes. The 5.68 percent notes were priced to yield 5.75 percent, have an expected final payment date in February 2013 and are rated Aaa by Moody's Investors Service.

"We are pleased to be seeing continued strong investor interest in Avis Budget's securitization program, with this offering well over-subscribed," said David B. Wyshner, Avis Budget Group executive vice president and chief financial officer. "Between this transaction and the $450 million ABS issue we completed in July, we have refinanced almost all of the $1 billion of domestic ABS term debt maturities scheduled for 2010."

Based on the company's current fleet composition, the notes are expected to provide the company with an advance rate of more than 60 percent on applicable collateral.

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

Name:  
Email:  
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

Understanding The Fleetification of Everything

As fleet miles increase exponentially, and as new stratum of fleet enter both consumer and business use cases, the "founding fathers" who gathered at Fleet Forward in Miami last week have some work to do.

The Problem with Valuing Safety Technology

As advanced safety technologies have migrated to mainstream vehicles, retaining value for these options at resale remains an issue.

ELD Mandate: Is Your Head Still in the Sand?

If you think you have 11 weeks to implement an Electronic Logging Device system to meet the Dec. 18 compliance deadline, you really don’t — for a few reasons.

Job Finder: Access Top Talent. Fill Key Positions.

>