Avis Budget Car Rental is marketing ABS backed by rental fleet vehicles totaling $600 million.
The three deals — Avis Budget Rental Car Funding (AESOP), Series 2011-1, 2011-2 and 2011-3 are worth $200 million each. Moody's Investors Service and DBRS rated the transactions.
Joint lead managers on the deals are Deutsche Bank Securities, Barclays Capital and JPMorgan Securities.
Meanwhile, the co-managers on the offerings are Bank of America Merrill Lynch, Citigroup Global Markets, Credit Agricole, Royal Bank of Scotland and Scotia Capital.
The weighted average life for the two tranches of Series 2011-1 is 2.46-year, Series 2011-2 is 3.34-year and Series 2011-3 is 5.34-year.
The 2001-1 comprises a Class A tranche rated 'Aaa'/'AAA' and Class B portion rated 'Baa1'/'BBB[H]'. Meanwhile, 2001-2 and 2001-3 make up a Class A tranche rated 'Aaa'/'AAA' and Class B portion rated 'Baa2'/'BBB[H]'.