E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/18/2022 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

China’s CAR gives results of capped tender offer for 8 7/8% notes

By William Gullotti

Buffalo, N.Y., March 18 – CAR Inc. released the results for its capped tender offer 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 on Friday.

The aggregate principal amount of notes tendered in connection with the offer, which expired at 11 a.m. ET on March 17, exceeded the cap. As a result, the tenders were prorated with an 88.18% scaling factor.

The company accepted $100 million of the notes, or 35.8% of the initial issue, for purchase at $980 per $1,000 principal amount, which was at the floor of the $980 to $990 range initially talked. The tender offer was conducted as a modified Dutch auction.

Interest will also be paid to the settlement date, calculated at $32.541667 per $1,000 principal amount.

Settlement is planned for March 22, after which $179,348,000 of the notes will remain outstanding.

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.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.