AVIS BUDGET GROUP, INC. 8-K

What Happened
Avis Budget Group (through subsidiary Avis Budget Rental Car Funding (AESOP) LLC, or ABRCF) filed an 8‑K reporting that on March 11, 2026 it issued asset‑backed securities secured by vehicles in its U.S. fleet and related assets. ABRCF issued $668.20 million of senior notes (Series 2026‑1 and Series 2026‑2, Classes A–D) with three‑ and five‑year maturities, and additionally issued $20.62 million and $15.25 million of subordinated Series 2026‑1 and 2026‑2 Class R notes (held by AESOP Leasing L.P.) to satisfy U.S. risk retention rules. The Bank of New York Mellon Trust Company, N.A. serves as trustee/agent for both series.

Key Details

• Total senior issuance: $668.20 million (Series 2026‑1 and Series 2026‑2 Classes A–D).
• Subordinated risk‑retention notes: $20.62M (Series 2026‑1 Class R, 8.000%) and $15.25M (Series 2026‑2 Class R, 8.522%) — total subordinated ≈ $35.87M. Combined issuance ≈ $704.07M.
• Selected coupon rates: Series 2026‑1 Class A 4.28%, B 4.57%, C 4.96%, D 6.53%; Series 2026‑2 Class A 4.60%, B 5.00%, C 5.44%, D 7.04%.
• Notes issued under Supplements to the company’s Base Indenture; secured by domestic fleet vehicles and related assets; trustee/agent: The Bank of New York Mellon Trust Company, N.A.

Why It Matters
This transaction is a financing move: the securitization raises cash backed by Avis Budget’s U.S. rental fleet, which can be used for fleet purchases, operations or refinancing. The issuance creates direct financial obligations at the ABRCF level (reported under Item 2.03). The subordinated Class R notes satisfy regulatory risk‑retention requirements and are held within the company’s AESOP leasing structure. Investors should view this as a structured funding activity that affects the company’s capital and liquidity profile; read the full supplements (filed as exhibits) for legal and repayment detail.