Long-term Corporate Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term corporate debt and borrowing arrangements consisted of:

		As of		As of
	Maturity Date	June 30,		December 31,
		2023		2022
4.125% euro-denominated Senior Notes	November 2024	$	327	$	321
4.500% euro-denominated Senior Notes	May 2025	273		268
4.750% euro-denominated Senior Notes	January 2026	382		375
5.750% Senior Notes	July 2027	734		732
4.750% Senior Notes	April 2028	500		500
5.375% Senior Notes	March 2029	600		600
Floating Rate Term Loan (a)	August 2027	1,170		1,176
Floating Rate Term Loan (b)	March 2029	723		725
Other (c)		33		18
Deferred financing fees		(40)		(44)
Total		4,702		4,671
Less: Short-term debt and current portion of long-term debt		34		27
Long-term debt		$	4,668	$	4,644

__________

(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of June 30, 2023, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 175 basis points, for an aggregate rate of 6.97%. We have entered into a swap to hedge $700 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 4.72%.

(b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of June 30, 2023, the floating rate term loan due 2029 bears interest at one-month SOFR plus 350 basis points for an aggregate rate of 8.70%.

(c)Primarily includes finance leases, which are secured by liens on the related assets.

Schedule of Committed Credit Facilities

As of June 30, 2023, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: 

	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2026 (a)	$	2,000	$	—	$	1,493	$	507

__________

(a)The senior revolving credit facility bears interest at one-month SOFR plus 175 basis points and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property.

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 borrowings	1,006		885		121
International - Debt borrowings	2,677		2,231		446
International - Finance leases	228		202		26
Other	85		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.