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AI brief of an SEC Form 8-K · Avis Budget (CAR)

Avis Budget Group issues $965 million in fleet-backed notes, repays $965 million

Neutral Impact 3 of 5 financing Written later

Avis Budget Group's subsidiary Interpace Funding issued $965 million of asset-backed notes on December 30, 2025, secured by certain vehicles in the company's domestic fleet and related assets. The company used the proceeds to repay $965 million of notes issued by its Avis Budget Rental Car Funding (AESOP) subsidiary on December 31, 2025, so the filing describes a refinancing of equal size rather than a net increase in the amount of debt.

Key points

  • Notes issued December 30, 2025 with a targeted two-year term and a June 20, 2028 maturity date
  • Issuance comprised about $844 million floating rate Class A Notes, $44 million 5.65% Class B Notes and $77 million 7.35% Class C Notes
  • On December 31, 2025, $965 million was repaid: $906 million of Series 2010-6 Notes and $59 million of Series 2015-3 Notes

The filing

CompanyAvis Budget (CAR)
Form8-K, current report
Filed with the SECJan 5, 2026, 4:26 PM ET
Accession number0000950142-26-000034

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 05, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.