By Christine Van Dusen
Atlanta, Jan. 28 – China’s CAR Inc. priced $500 million notes due in 2020 (expected ratings: Ba1/BB+/BB+) at a yield of 6 3/8% on Wednesday, a market source said.
The notes were talked at a yield of 7%.
Credit Suisse and Standard Chartered Bank were the joint global coordinators and, with Deutsche Bank, the joint bookrunners and lead managers for the Rule 144A and Regulation S deal.
Other pricing details were not immediately available on Wednesday.
The issuer is a rental car company based in Chaoyang, China.
| Issuer: | CAR Inc.
|
| Amount: | $500 million
|
| Maturity: | 2020
|
| Description: | Notes
|
| Bookrunners: | Credit Suisse, Standard Chartered Bank
|
| Yield: | 6 3/8%
|
| Trade date: | Jan. 28
|
| Expected ratings: | Moody’s: Ba1
|
| Standard & Poor’s: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7%
|
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