Avis Budget Group, Inc. (NASDAQ:CAR) Files An 8-K Entry into a Material Definitive Agreement

Avis Budget Group, Inc. (NASDAQ:CAR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

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Entry into a Material Definitive Agreement.

On December 13, 2017, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $500 million of asset-backed securities with a maturity of five years, comprised of approximately $410 million aggregate principal amount of Series 2017-2 2.97% Class A notes, $50 million aggregate principal amount of Series 2017-2 3.33% Class B notes and $40 million aggregate principal amount of Series 2017-2 4.17% Class C notes. The issuer also issued $27.5 million aggregate principal amount of Series 2017-2 6.50% Class R notes, which are subordinated to the Class A, Class B and Class C notes and which were issued to its sole shareholder, AESOP Leasing L.P. The notes were issued under the Series 2017-2 Supplement dated December 13, 2017, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A. as trustee and as Series 2017-2 Agent, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004, as amended.

The notes are secured under the Second Amended and Restated Base Indenture primarily by vehicles in our domestic fleet and other related assets. The foregoing summary of the notes is qualified in its entirety by reference to the full text of the Series 2017-2 Supplement, a copy of which is attached hereto as Exhibit 10.1 and which is incorporated by reference herein.

Certain purchasers of the notes, and 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.

Item 9.01

Financial Statements and Exhibits.

(d)Exhibits.

The following exhibits are filed as part of this report:

Exhibit No.

Description

10.1

Series 2017-2 Supplement, dated as of December 13, 2017, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2017-2 Agent.


AVIS BUDGET GROUP, INC. Exhibit
EX-10.1 2 ex101series2017-2indenture.htm EXHIBIT 10.1- SERIES 2017-2 INDENTURE SUPPLEMENT Exhibit EXECUTION VERSIONAVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC,…
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About Avis Budget Group, Inc. (NASDAQ:CAR)

Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia. It operates in two segments: Americas and International. The Americas segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates its car sharing business in certain of these markets.

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