Avis Budget Group Enters Material Definitive Agreement

TL;DR

AVIS inked a new deal on 3/4/24, likely a big financial move.

AI Summary

On March 4, 2024, Avis Budget Group, Inc. entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Delaware, is involved in auto rental and leasing services.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Avis Budget Group, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or risks that may affect the company's performance.

Key Players & Entities

• Avis Budget Group, Inc. (company) — Registrant
• March 4, 2024 (date) — Date of Earliest Event Reported
• Delaware (jurisdiction) — State of Incorporation
• 001-10308 (identifier) — SEC File Number
• 06-0918165 (identifier) — IRS Number

FAQ

Key Financial Figures

• $0.01 — h Registered Common Stock, par value $0.01 CAR The Nasdaq Global Select Market
• $3.24 billion — cility was increased from approximately $3.24 billion to $4.58 billion, and the aggregate amo
• $4.58 b — sed from approximately $3.24 billion to $4.58 billion, and the aggregate amount of the
• $287.4 million — cility was increased from approximately $287.4 million to $310.0 million. These increased aggr
• $310.0 million — ed from approximately $287.4 million to $310.0 million. These increased aggregate amounts will
• $721.0 million — ed aggregate amounts will be reduced by $721.0 million and $49.0 million respectively on Novem
• $49.0 million — s will be reduced by $721.0 million and $49.0 million respectively on November 1, 2024. Each

Filing Documents

• eh240454893_8k.htm (8-K) — 28KB
• eh240454893_ex1001.htm (EX-10.1) — 947KB
• eh240454893_ex1002.htm (EX-10.2) — 870KB
• 0000950142-24-000655.txt ( ) — 2338KB
• car-20240304.xsd (EX-101.SCH) — 3KB
• car-20240304_lab.xml (EX-101.LAB) — 33KB
• car-20240304_pre.xml (EX-101.PRE) — 22KB
• eh240454893_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On March 4, 2024 (the "Closing Date"), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary ("ABRCF") completed an amendment and restatement of its asset-backed variable-funding financing facilities, which provide a portion of the financing for our car rental fleet in the United States. This financing is primarily comprised of the Series 2010-6 Notes facility and the Series 2015-3 Notes facility, and the notes are secured primarily by vehicles in our domestic fleet and other related assets. Pursuant to the amendments, the aggregate amount of the Series 2010-6 Notes facility was increased from approximately $3.24 billion to $4.58 billion, and the aggregate amount of the Series 2015-3 Notes facility was increased from approximately $287.4 million to $310.0 million. These increased aggregate amounts will be reduced by $721.0 million and $49.0 million respectively on November 1, 2024. Each of the Series 2010-6 Notes and the Series 2015-3 Notes is a two-year facility. The foregoing summary of the amendments is qualified in its entirety by reference to the full text of the Sixth Amended and Restated Series 2010-6 Supplement, a copy of which is attached hereto as Exhibit 10.1, and the Fourth Amended and Restated Series 2015-3 Supplement, a copy of which is attached hereto as Exhibit 10.2, respectively, and, in each case, which is incorporated by reference herein. Certain purchasers of the notes, the trustee and their respective affiliates have performed, and may in the future perform, various commercial banking, investment banking and other financial advisory services for us and our subsidiaries for which they have received, and will receive, customary fees and expenses. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information described above under Item 1.01 of this report is incorporated into this Item 2.03 by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. The following exhibits are filed as part of this report: Exhibit No. Description 10.1 Sixth Amended and Restated Series 2010-6 Supplement, dated as of March 4, 2024, by and among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2010-6 Agent. 10.2 Fourth Amended and Restated Series 2015-3 Supplement, dated as of March 4, 2024, by and among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2015-3 Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. AVIS BUDGET GROUP, INC. By: /s/ Jean M. Sera Name: Jean M. Sera Title: Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary Date: March 8, 2024

View Full Filing

View this 8-K filing on SEC EDGAR