China’s CAR accepts $94.96 million tendered 9¾% senior notes due 2024

By Marisa Wong

Los Angeles, Feb. 28 – CAR Inc. announced the results of its Feb. 20 capped tender offer for up to $100 million of its $250 million outstanding 9¾% senior notes due 2024 (ISIN: XS2293887035).

The company has decided to accept for purchase $94,964,000, or 37.99%, of the outstanding notes, according to an announcement on Tuesday.

The company will purchase those notes at par plus interest of $41.166667 per $1,000 principal amount. No scaling factor will be applied to the tendered notes.

The offer expired at 11 a.m. ET on Feb. 27. Settlement is expected for March 2.

After settlement, $155,036,000 of the notes will remain outstanding.

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://projects.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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