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Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2023

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
	September 30,		December 31,
	2023		2022
Americas - Debt due to Avis Budget Rental Car Funding	$	15,182	$	11,322
Americas - Debt borrowings	889		598
International - Debt borrowings	2,385		1,700
International - Finance leases	184		176
Other	86		65
Deferred financing fees (a)	(73)		(52)
Total	$	18,653	$	13,809

__________

(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2023 and December 31, 2022 were $67 million and $47 million, respectively.

Schedule of Maturities of Long-term Debt

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 September 30, 2023:


	Debt under Vehicle Programs (a)
Within 1 year (b)	$	4,343
Between 1 and 2 years (c)	5,646
Between 2 and 3 years	2,924
Between 3 and 4 years	2,794
Between 4 and 5 years (d)	1,939
Thereafter	1,080
Total	$	18,726

__________

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

(b) Includes $2.7 billion of bank and bank-sponsored facilities.

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

Schedule of Committed Credit Facilities

As of September 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	$	—	$	1,536	$	464

__________

(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 September 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	$	15,896	$	15,182	$	714
Americas - Debt borrowings	940		889		51
International - Debt borrowings	2,625		2,385		240
International - Finance leases	249		184		65
Other	86		86		—
Total	$	19,796	$	18,726	$	1,070

__________

(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 was subsequently amended during July 2023.

(b) The outstanding debt is collateralized by vehicles and related assets of $17.5 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.4 billion for Americas - Debt borrowings; $3.1 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.