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.
