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China’s CAR talks three-, five-year bonds at 5.1%-6.6%, 5.3%-6.8%
By Marisa Wong
Morgantown, W.Va., April 23 – CAR Inc. said it plans to issue up to RMB 1.7 billion of corporate bonds.
The bonds will consist of two categories: three-year category I bonds with a coupon of 5.1% to 6.6% and five-year category II bonds with a coupon of 5.3% to 6.8%.
Exact pricing will be determined through a book-building process.
China International Capital Corp. Ltd. is the lead underwriter and bookrunner.
The category I bonds will have a coupon adjustment option and put option at the end of the second year, and the category II bonds will have a coupon adjustment option and put option at the end of the third year.
This will be the company’ second tranche of corporate bonds. The company previously obtained approval to sell up to RMB 2 billion of corporate bonds in China.
Proceeds will be used to replenish general operating funds.
CAR is a Chaoyang, China-based car rental and used car company.
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