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Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2020

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
	June 30,		December 31,
	2020		2019
Americas - Debt due to Avis Budget Rental Car Funding	$	8,095	$	7,975
Americas - Debt borrowings	765		827
International - Debt borrowings	1,576		2,100
International - Finance leases	148		215
Other	1		—
Deferred financing fees ^(a)	(45)		(49)
Total	$	10,540	$	11,068

__________

^(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2020 and December 31, 2019 was $38 million and $40 million, respectively

In January 2020, the Company’s Avis Budget Rental Car Funding subsidiary issued approximately $700 million in asset-backed notes with an expected final payment date of August 2025 incurring interest at a weighted average rate of 2.42%

Schedule Of Contractual Maturities

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 June 30, 2020.


	Debt under Vehicle Programs ^(a)
Within 1 year ^(b)	$	2,602
Between 1 and 2 years ^(c)	3,907
Between 2 and 3 years	1,243
Between 3 and 4 years	1,279
Between 4 and 5 years	1,538
Thereafter	16
Total	$	10,585

__________

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

^(b) Includes $1.3 billion of bank and bank-sponsored facilities.

^(c) Includes $2.5 billion of bank and bank-sponsored facilities.

Schedule Of Available Funding Under The Vehicle Programs

Committed Credit Facilities and Available Funding Arrangements

As of June 30, 2020, 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	$	9,394	$	8,095	$	1,299
Americas - Debt borrowings	882		765		117
International - Debt borrowings	2,947		1,576		1,371
International - Finance leases	205		148		57
Other	1		1		—
Total	$	13,429	$	10,585	$	2,844

__________

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

(b) The outstanding debt is collateralized by vehicles and related assets of $8.8 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.0 billion for Americas - Debt borrowings; $1.9 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.