Avis Budget Group, Inc. (NASDAQ: CAR) Files Form 8-K: Material Amendments to Note Agreements

Key Points from the Report

• Company: Avis Budget Group, Inc. (Trading Symbol: CAR, listed on the Nasdaq Global Select Market)
• Filing: Form 8-K, dated April 30, 2026
• Material Events: Entry into material definitive agreements, specifically amendments to their asset-backed note programs
• Series Impacted:
  • Fourth Amendment to Sixth Amended and Restated Series 2010-6 Supplement
  • Fourth Amendment to Fourth Amended and Restated Series 2015-3 Supplement
• Signatories: Multiple major financial institutions including JPMorgan Chase Bank, N.A., The Bank of Nova Scotia, Societe Generale, Credit Agricole Corporate and Investment Bank, Bank of America, Royal Bank of Canada, BNP Paribas, Bank of Montreal, MUFG Bank, Ltd., Lloyds Bank PLC, Truist Bank, Morgan Stanley Bank, N.A., Wells Fargo Bank N.A., Citizens Bank, TD Securities, Barclays Bank PLC, and others.

Details of Material Definitive Agreements

Avis Budget Group announced amendments to two major asset-backed note programs. The amendments are:

1. Fourth Amendment to Sixth Amended and Restated Series 2010-6 Supplement
   – Purpose: Updates and modifies terms related to credit enhancement, liquidity requirements, and investor protections.
   – Key changes: Amended definitions and calculation methods for liquidity and enhancement rates, including specific provisions for electric vehicle assets.
   – Investor protections: Strengthened consent requirements for certain actions, requiring prior written consent from noteholders for amendments or actions under the indenture or related documents.
2. Fourth Amendment to Fourth Amended and Restated Series 2015-3 Supplement
   – Purpose: Similar to the 2010-6 Series, with updated definitions and required liquidity amounts, particularly relating to the Series 2015-3 Interest Rate Cap.
   – Key changes: New definitions, amended consent requirements, expanded confidentiality terms, and provisions for communication with regulatory authorities regarding suspected violations (without party notification).

Potential Price-Sensitive Information and Shareholder Impact

For Shareholders:

• The amendments reinforce the company’s access to liquidity and credit enhancement, which is crucial for maintaining operational flexibility and managing its asset-backed securities programs.
• Strengthened investor protections may make the notes more attractive to institutional investors, potentially lowering cost of capital.
• Expanded definitions and requirements for electric vehicle assets signal a strategic shift or increased focus on electric vehicles within the fleet, which could be a positive signal for investors interested in ESG factors and future mobility trends.
• The report confirms that key financial institutions continue to provide commercial banking, investment banking, and financial advisory services to Avis Budget Group, indicating ongoing relationships and support.
• The amendments include provisions for confidential communication with regulators about suspected violations, reflecting increased regulatory compliance and transparency.

Signatories and Institutional Support

The amendments are supported and signed by a wide range of major global financial institutions, including both conduit and non-conduit purchasers, funding agents, APA banks, and committed note purchasers. The broad participation demonstrates confidence in Avis Budget Group’s asset-backed securities platform and ongoing operational stability.

Additional Information

• Avis Budget Group is not classified as an emerging growth company, indicating maturity and stability.
• No written communications, soliciting material, or tender offers were made in connection with this filing.
• Common Stock, par value \$0.01, remains the primary listed security (Symbol: CAR, Nasdaq).

Conclusion

The amendments to the Series 2010-6 and Series 2015-3 asset-backed note supplements are material changes that reinforce liquidity, credit enhancement, and investor protections for Avis Budget Group. They are likely to be seen positively by investors and could be price-sensitive, especially given the company’s increasing focus on electric vehicle assets and strengthened relationships with leading financial institutions.

Disclaimer: This article is for informational purposes only and does not constitute financial advice, investment recommendation, or a solicitation to buy or sell any securities. Investors should conduct their own due diligence and consult with professional advisors before making any investment decisions. The information herein is based on public filings and may be subject to change.

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