By Christine Van Dusen
Atlanta, Aug. 3 – CAR Inc. priced $300 million 6% notes due Feb. 11, 2021 (expected ratings: Ba1/BB+/BB+) at 98.851 to yield 6¼%, a market source said.
Credit Suisse and Standard Chartered Bank were the joint coordinators and – with CMB International – the joint lead managers and joint bookrunners for the Regulation S deal.
The proceeds will be used for capital expenditures and other general corporate purposes, including refinancing debt and enhancing the capital structure.
The issuer is a rental car company based in Chaoyang, China.
| Issuer: | CAR Inc.
|
| Amount: | $300 million
|
| Maturity: | Feb. 11, 2021
|
| Description: | Senior notes
|
| Bookrunners: | Credit Suisse, Standard Chartered Bank, CMB International
|
| Coupon: | 6%
|
| Price: | 98.851
|
| Yield: | 6¼%
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 11
|
| Expected ratings: | Moody's: Ba1
|
| Standard & Poor’s: BB+
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
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