China’s CAR gets OK to issue up to RMB 2 billion corporate bonds

By Marisa Wong

Morgantown, W.Va., July 11 – CAR Inc. announced it received approval from the China Securities Regulatory Commission to issue up to RMB 2 billion of corporate bonds.

The bonds will be offered in tranches, with the first tranche to be completed within 12 months and the remaining tranches to be completed within 24 months.

Pricing will be determined through a book-building process.

China International Capital Corp. Ltd. is the lead underwriter and bookrunner.

The Chaoyang, China-based company said that as one of the first batch of offshore incorporated non-financial companies permitted the public issue of corporate bonds in mainland China, it believes that China’s market provides a diversified funding channel for optimizing its debt structure.

CAR is a car rental and used car company.

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