Avis Budget Group completes $580 million asset-backed bond sale;

Avis Budget completes $580M asset-backed bond sale

PARSIPPANY, N.J. — Avis Budget Group on Tuesday said its rental car funding subsidiary completed a multi-class offering of about $580 million in asset-backed bonds.

The company issued a $463 million Series 2010-3 asset-backed bonds priced to yield 4.98 percent with an expected final payment date of May 2015. It also issued a $116 million Series 2010-2 asset-backed bonds, expected to have a final payment date in August 2013.

Avis Budget Group shares closed up 81 cents, or 7.5 percent, at $11.67 in heavy trading. The stock has changed hands between 73 cents and $14.14 in the past 52 weeks.