Via a trust called Greyhound Funding LLC, Avis Rent A Car is planning to bring its corporate fleet lease portfolio to the public market, an industry first, according to market sources.

The deal, which is successor to a $1 billion Rule 144A that priced last October, will be managed by Chase Securities, according to a filing with the Securities and Exchange Commission.

The filing describes two tranches of A-class notes, worth as much as $500 million each, plus X-class 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 also managed last fall's private placement, which was one of the first term deals backed by a portfolio of leases from corporate fleets of rental cars.

Structured similarly, the floating-rate A-1 class notes priced at one-month Libor plus 32 basis points, while the A-2 class notes priced at one-month plus 35 basis points.

According to a Standard & Poor's press release on the deal, the transaction also featured an interest rate cap, and other enhancements, such as a yield supplement account, a gain-on-sale account, and various trigger events.

Currently the Greyhound portfolio is being funded through a number of multi-seller asset-backed commercial paper conduits, according to the filing. Global Securitization Services will run the Greyhound special purpose vehicle.

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