China’s CAR offers to buy $100 million 8 7/8% notes due 2022

Chicago, Oct. 18 – CAR Inc. began a tender offer for $100 million of its $372,333,000 outstanding 8 7/8% senior notes due 2022 (ISIN: XS1991398352), according to an announcement.

The tender offer will be conducted as a Dutch auction procedure.

The company is offering to buy the notes for at least $1,002.50 per $1,000 note, but not more than $1,010.

Noteholders can either submit a competitive offer or a non-competitive offer.

Interest will also be paid to the settlement date.

The offer is being conducted to proactively manage the company’s liabilities and optimize its debt structure, while maintaining a prudent level of liquidity.

The offer expires at 11 a.m. ET on Oct. 25.

The purchase price and the results will be announced on Oct. 26.

Settlement is planned for Oct. 28.

Goldman Sachs (Asia) LLC (+852 2978 0604, +852 2978 1162, CAR_Tender@hk.email.gs.com) is the dealer manager.

Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130, carinc@investor.morrowsodali.com, https://bonds.morrowsodali.com/CARInc) is the information and tender agent.

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

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