Simpson Thacher represented the initial purchasers in connection with a 144A offering by Avis Budget Rental Car Funding (AESOP) LLC (“ABRCF”), a special purpose finance subsidiary of Avis Budget Group, Inc., of $1.2 billion aggregate principal amount of its Series 2024-1 Rental Car Asset Backed Notes (the “Notes”).
The net proceeds from the issuance and sale of the Notes will generally be used to repay principal on other outstanding series of notes issued by ABRCF, to make loans to certain affiliates and/or to acquire or finance new rental vehicles.
Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have nearly 10,250 rental locations in approximately 180 countries around the world, and through its Zipcar brand, a leading car sharing network, with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world.
The Simpson Thacher team for these transactions included John Schueller, Ben Carson and Ziang Zhou (Capital Markets); Jonathan Cantor and Michael Slomovics (Tax); and Jennie Getsin (Blue Sky).