PARSIPPANY, NJ -- (Marketwire) -- 07/23/09 -- Avis Budget Group, Inc. (NYSE: CAR) announced today that its Avis Budget Rental Car Funding (AESOP) LLC subsidiary has closed its $450 million Series 2009-1 asset-backed term notes. The 9.31% notes were priced to yield 9.5%, have an expected final payment date in October 2012 and are rated A2 by Moody's Investors Service. They represent the first term asset-backed securities offering by a car rental company since 2007.

"We are excited to participate in the return of the term ABS market and to be seeing strong investor interest in Avis Budget's securitization program. This transaction, which follows a $325 million operating lease transaction that we announced in May, represents a significant next step toward meeting our fleet financing needs for 2010," said David B. Wyshner, Avis Budget Group Executive Vice President and Chief Financial Officer. "We will continue to look at additional fleet funding opportunities as market conditions improve."

Based on the Company's current fleet composition, the notes are expected to provide the Company with an advance rate of nearly 70% on applicable collateral.

The Series 2009-1 Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state securities laws, and may not be offered or sold in the United States without registration under the Securities Act or pursuant to any applicable exemption from such registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Series 2009-1 Notes, nor shall it constitute an offer, solicitation or sale of the Series 2009-1 Notes in any state in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may fluctuate", "forecast" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts.