China’s CAR launches capped tender offer for 8 7/8% notes due 2022

Chicago, March 10 – CAR Inc. launched a capped tender offer on Thursday for up to $100 million face amount of its $279,348,000 outstanding 8 7/8% senior notes due 2022 (ISIN: XS1991398352), according to an announcement.

Pricing will be determined via modified Dutch auction. The company will pay a minimum of $980 per $1,000 note and a maximum purchase price of $990.

Tender instructions can either be competitive or non-competitive.

Interest will also be paid to the settlement date.

The offer will expire at 11 a.m. ET on March 17.

The purchase price will be determined on the business day after the expiration of the offer.

Settlement is planned for March 22.

Tenders may be subject to proration.

The dealer managers for the offer are China International Capital Corp. Hong Kong Securities Ltd. (+852 2872 2000, IB_Project_Ivory2021@cicc.com.cn), Credit Suisse (Hong Kong) Ltd. (+852 2101 6000, list.csivoryii@credit-suisse.com) and Goldman Sachs (Asia) LLC (+852 2978 0604, +852 2978 1162, CAR_Tender@hk.email.gs.com).

CAR is a Chaoyang, China-based car rental and used car company.

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