Debt Under Vehicle Programs and Borrowing Arrangements

3 Months Ended

Mar. 31, 2021

Debt Under Vehicle Programs and Borrowing Arrangements

Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:


	As of		As of
	March 31,		December 31,
	2021		2020
Americas - Debt due to Avis Budget Rental Car Funding	$	6,181	$	5,116
Americas - Debt borrowings	499		509
International - Debt borrowings	1,020		1,115
International - Finance leases	140		162

Deferred financing fees (a)	(39)		(45)
Total	$	7,801	$	6,857

__________

(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2021 and December 31, 2020 were $32 million and $36 million, respectively.

Debt Maturities

The following table provides the contractual maturities of the Company’s debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at March 31, 2021.


	Debt under Vehicle Programs (a)
Within 1 year (b)	$	1,858
Between 1 and 2 years (c)	2,171
Between 2 and 3 years (d)	1,253
Between 3 and 4 years	1,598
Between 4 and 5 years	960
Thereafter	—
Total	$	7,840

__________

(a) Vehicle-backed debt primarily represents asset-backed securities.

(b) Includes $0.4 billion of bank and bank-sponsored facilities.

(d) Includes $0.1 billion of bank and bank-sponsored facilities.

Committed Credit Facilities and Available Funding Arrangements

As of March 31, 2021, available funding under the Company’s vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	9,011	$	6,181	$	2,830
Americas - Debt borrowings	746		499		247
International - Debt borrowings	2,713		1,020		1,693
International - Finance leases	204		140		64

Total	$	12,674	$	7,840	$	4,834

__________

(a) Capacity is subject to maintaining sufficient assets to collateralize debt.

(b) The outstanding debt is collateralized by vehicles and related assets of $7.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.7 billion for Americas - Debt borrowings; $1.2 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under the Company’s vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of March 31, 2021, the Company is not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under its vehicle-backed funding programs.