China’s CAR accepts tenders for $92.99 million of 8 7/8% notes due 2022

By Rebecca Melvin

Concord, N.H., Oct. 26 – CAR Inc. gave the results of its tender offer for $100 million of its $372,333,000 outstanding 8 7/8% senior notes due 2022 (ISIN: XS1991398352), according to an announcement.

As of 11 a.m. ET on Oct. 25, $92,985,000 of notes were accepted for purchase, representing 24.97% of the outstanding principal amount.

The notes are being purchased for $1,010 per $1,000 principal amount, which is the high end of the $1,002.50 to $1,010 range that was talked. The tender offer was conducted as a Dutch auction procedure.

No scaling factor will be applied, and the company said it will pay accrued interest up to the Oct. 28 settlement date of $41.416667 per note.

Following settlement, there will be $279,348,000 principal amount of the notes remaining 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) is the information and tender agent.

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

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