Avis Budget Group, Inc. announced on September 21, 2026, that its subsidiary, Avis Budget Rental Car Funding (AESOP) LLC, issued $650 million in asset-backed securities. The securities, known as Series 2026-5, have a maturity of five years and are secured by domestic fleet vehicles and related assets.
The offering consisted of four classes of senior notes:
- Class A Notes: $474.5 million with a 5.69% interest rate.
- Class B Notes: $61.75 million with a 5.95% interest rate.
- Class C Notes: $47.125 million with a 6.44% interest rate.
- Class D Notes: $66.625 million with an 8.14% interest rate.
In addition to the senior notes, ABRCF issued $35.75 million in Class R notes with a 9.598% interest rate. These Class R notes are subordinated to the senior classes and were issued to Avis Budget’s AESOP Leasing L.P. subsidiary to comply with U.S. risk retention rules.
The notes were issued under a Supplement dated September 21, 2026, executed between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Agent. This agreement references a Base Indenture originally dated June 3, 2004. Concurrent with the issuance, ABRCF entered into amendments to various rental car fleet financing documents to incorporate technical changes.
