Avis completes 550M asset-backed notes offering

Avis Budget Group, of Parsippany, announced Wednesday its Avis Budget Rental Car Funding LLC subsidiary has completed an offering of $550 million of five-year, fixed-rate asset-backed notes with a weighted average interest rate of approximately 3.08 percent. The proceeds of the offering are expected to be used primarily to refinance vehicle debt…According to the announcement, the offering provides for a loan-to-value, or advance, ratio of approximately 76 percent and an interest rate that is lower than the average of our existing five-year U.S. vehicle-backed term debt.