Avis Rent-A-Car recently amended its filing with the Securities & Exchange Commission to securitize a corporate fleet lease portfolio through Greyhound Funding.

The transaction will be the first time a corporate lease deal is placed in the public market, a source told ASR following the original filing last July.

The deal, which is successor to a $1 billion Rule 144A that priced in October 1999, will be managed by J.P. Morgan Chase, according to a filing.

The deal will likely be structured as two A-class tranches, worth as much as $500 million each, plus certificates. Further, the deal will feature an interest-rate cap purchased from the Chase Manhattan Bank, who is the trustee for the transaction.

Chase Securities managed Avis' 1999 private placement, which was one of the first term deals backed by a portfolio of leases from corporate fleets of rental cars.

Currently the Greyhound portfolio is being funded through a number of multi-seller asset-backed commercial paper conduits, according to the filing.

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