Avis Rent a Car is seeking to issue up to $300 million in securitized notes, in one of its smallest securitizations of its rental car leasing contracts in years through the Avis Budget Rental Car Funding (AESOP) master trust.

The AESOP 2016-1 issuance, which will be marketed as an institutional Rule 144A transaction, is divided among three tranches that are each provisionally rated by DBRS: a $238.9 million Class A notes slice with an ‘AAA’ rating; $34.3 million in Class B notes rated ‘A (high)’; and $26.9 million in Class C notes carrying a ‘BBB’ rating.

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