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Debt Under Vehicle Programs and Borrowing Arrangements
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Under Vehicle Programs and Borrowing Arrangements 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 ofAs of
June 30,December 31,
20232022
Americas - Debt due to Avis Budget Rental Car Funding$14,440 $11,322 
Americas - Debt borrowings 885 598 
International - Debt borrowings 2,231 1,700 
International - Finance leases 202 176 
Other85 65 
Deferred financing fees (a)
(69)(52)
Total$17,774 $13,809 
__________
(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2023 and December 31, 2022 were $65 million and $47 million, respectively.

In January 2023, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $500 million and $350 million of asset-backed notes to investors with an expected final payment date of April 2028 and October 2026, respectively, and a weighted average interest rate of 5.36% and 5.31%, respectively.

In April 2023, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $450 million and $550 million of asset-backed notes to investors with an expected final payment date of February 2027 and June 2028, respectively, and a weighted average interest rate of 5.67% and 5.76%, respectively.

In June 2023, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $476 million and $526 million of asset-backed notes to investors with an expected final payment date of April 2027 and December 2028, respectively, and a weighted average interest rate of 5.91% and 5.98%, respectively.
Debt Maturities

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at June 30, 2023:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,995 
Between 1 and 2 years (c)
6,723 
Between 2 and 3 years (d)
2,811 
Between 3 and 4 years2,816 
Between 4 and 5 years1,783 
Thereafter715 
Total$17,843 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $1.5 billion of bank and bank-sponsored facilities.
(c)    Includes $4.9 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 June 30, 2023, available funding under our debt arrangements related to our 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$14,969 $14,440 $529 
Americas - Debt borrowings1,006 885 121 
International - Debt borrowings2,677 2,231 446 
International - Finance leases228 202 26 
Other85 85 — 
Total$18,965 $17,843 $1,122 
__________
(a)    Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our asset-backed variable-funding financing facilities during March 2023 and subsequently amended during April 2023.
(b)    The outstanding debt is collateralized by vehicles and related assets of $16.8 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.3 billion for Americas - Debt borrowings; $3.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our 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 June 30, 2023, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.