Avis Budget (CAR) files Series 2025-3 and Series 2025-4 Supplements

Rhea-AI Filing Summary

Avis Budget Group, Inc. disclosed the filing of two supplemental documents titled Series 2025-3 Supplement and Series 2025-4 Supplement, each dated September 16, 2025, executed between the company and The Bank of New York Mellon Trust Company, N.A. acting as trustee and as Series 2025-3 and Series 2025-4 Agent respectively.

The filing lists these supplements as exhibits to an 8-K under the categories that include Entry into a Material Definitive Agreement and Creation of a Direct Financial Obligation. No financial amounts, interest terms, payment schedules, or other economic details are included in the provided text.

Positive

• Formal documentation executed with a major trustee (The Bank of New York Mellon) provides procedural clarity for the new series

Negative

• No economic terms disclosed in the provided text, leaving the size and timing of the new financial obligations unclear

Insights

Debt Capital Markets Analyst

Company added two trustee-backed series supplements, indicating new structured obligations.

The filing attaches a Series 2025-3 Supplement and a Series 2025-4 Supplement, each dated September 16, 2025, naming The Bank of New York Mellon Trust Company, N.A. as trustee and agent. The checkboxes and exhibit references classify these attachments under material agreements and the creation of a direct financial obligation, which implies contractual financing activity tied to those series.

Key dependency is the absent economic detail: without stated principal amounts, maturities, or covenants, the immediate credit impact cannot be quantified. Monitor any subsequent filings or the full exhibit text for near-term disclosure of amounts, terms, and any covenants that could affect liquidity or leverage.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Avis Budget (CAR) file on September 16, 2025?

The company filed two exhibits: the Series 2025-3 Supplement and the Series 2025-4 Supplement, each dated September 16, 2025, with The Bank of New York Mellon Trust Company, N.A. as trustee and agent.

Do the supplements create a new financial obligation for CAR?

Yes, the filing classifies the exhibits under Creation of a Direct Financial Obligation, indicating new contractual obligations were documented.

Are the principal amounts or terms disclosed in this filing?

No. The provided content does not include principal amounts, interest rates, maturities, or payment schedules.

Who is the trustee named in the supplements?

The trustee and agent named for both supplements is The Bank of New York Mellon Trust Company, N.A..

Where can investors find the full terms of these Series supplements?

Investors should review the complete exhibit text for the Series 2025-3 and Series 2025-4 Supplements filed as part of the 8-K for full terms; those details are not present in the excerpt provided.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/19/2025 - 04:10 PM EDT Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): September 16, 2025

Avis Budget Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-10308		06-0918165
(State or Other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

379 Interpace Parkway Parsippany, NJ		07054
(Address of Principal Executive Offices)		(Zip Code)

(973) 496-4700

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.01		CAR		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On September 16, 2025 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $793.2 million of asset-backed securities with a maturity of three years and five years, respectively, comprised of $199.0 million aggregate principal amount of Series 2025-3 4.17%, Class A notes, $29.75 million aggregate principal amount of Series 2025-3 4.46%, Class B notes, $21.25 million aggregate principal amount of Series 2025-3 4.95%, Class C notes and $33.29 million aggregate principal amount of Series 2025-3 6.42%, Class D notes, as well as $358.2 million aggregate principal amount of Series 2025-4 4.40%, Class A notes, $53.55 million aggregate principal amount of Series 2025-4 4.77%, Class B notes, $38.25 million aggregate principal amount of Series 2025-4 5.26%, Class C notes and $59.92 million aggregate principal amount of Series 2025-4 6.72%, Class D notes. The Class D notes were retained by ABRCF and may be sold on a future date. ABRCF also issued $15.6 million aggregate principal amount of Series 2025-3 8.373%, Class R notes and $28.1 million aggregate principal amount of Series 2025-4 8.685%, Class R notes, each of which are subordinated to the Class A notes, the Class B notes, the Class C notes and the Class D notes of the respective Series, and which were issued to comply with applicable U.S. risk retention rules. The Class R notes are held by our AESOP Leasing L.P. subsidiary. The notes were issued under the Series 2025-3 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2025-3 Agent (the “Series 2025-3 Supplement”), to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (as amended, the “Base Indenture”) and the Series 2025-4 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2025-4 Agent (the “Series 2025-4 Supplement”), to the Base Indenture, respectively.

The notes are secured under the Base Indenture 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 2025-3 Supplement, a copy of which is attached hereto as Exhibit 10.1, and the Series 2025-4 Supplement, a copy of which is attached hereto as Exhibit 10.2, each of 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.

Item 9.01 Financial Statements and Exhibits.

The following exhibits are filed as part of this report:

Exhibit No.		Description
10.1		Series 2025-3 Supplement, dated as of September 16, 2025, between Avis Budget Group, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-3 Agent.
10.2		Series 2025-4 Supplement, dated as of September 16, 2025, between Avis Budget Group, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-4 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: September 19, 2025