By Wendy Van Sickle
Columbus, Ohio, May 7 – CAR Inc. priced $200 million of three-year senior notes (B1/BB-) at par to yield 8 7/8% on Tuesday, according to a company notice.
China International Capital Corp. and Credit Suisse are joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
There is a make-whole call at any time.
The notes will be consolidated and form a single series with the notes issued to settle an exchange offer for the company’s 6 1/8% notes due 2020.
CAR said Monday that it will issue $172,333,000 of the notes to settle that offer.
Proceeds will be used to repay existing debt and for general corporate purposes.
CAR is a Chaoyang, China-based car rental and used car company.
| Issuer: | CAR Inc.
|
| Issue: | Senior notes
|
| Amount: | $200 million
|
| Maturity: | May 10, 2022
|
| Bookrunners: | China International Capital Corp. and Credit Suisse
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Call: | Make-whole call at any time
|
| Ratings: | Moody’s: B1
|
| S&P: BB-
|
| Pricing date: | May 7
|
| Settlement date: | May 10
|
| Distribution: | Regulation S
|
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