Avis upsized and priced $650 million of bonds backed by rental car and lease payments on Friday.

The deal called AESOP 2015-1 was originally sized at $600 million, according Standard & Poor’s. The triple-A rated, 5.3 years senior notes were sold at a spread of swaps plus 95 basis points, yielding 2.52%, according toa Bloomberg report.

Lord Securities managed the deal and also serves as the back up administrator in the deal, issued as part of the Avis Budget Rental Car Funding Series.

Like the issuer’s last two deals from 2014, the 2015-1 series includes leases from the Avis Budget and its subsidiaries, Zipcar and Payless Car Rental System. Avis is a leading rental car supplier to the premium commercial and leisure segments of the travel industry and Budget is a leading rental car supplier to the price-conscious segments of the industry. In 2013 Avis Budget Group acquired Payless Car Rental, the sixth-largest car rental company in North America, for $500 million.

As of September 30, 2014, Avis had approximately $2.54 billion in vehicle rental revenue, up from roughly $2.40 billion at the same point in 2013. The increase was driven by strong demand and pricing trends with a 6% increase in rental days and a 2% increase in pricing, according to a DBRS presale report. At the end of the second quarter of 2014, it had $4.3 billion of available liquidity, including a cash balance of $713 million.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.