CAR drives away with $200m of new money amid market jitters

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By Addison Gong
08 May 2019

Chinese car rental company CAR has wrapped up a liability management exercise, pushing its maturity curve out to 2022 despite fears in the credit market about the US-China trade war.

CAR, previously known as China Auto Rental, announced an exchange offer on April 23 to take out part of its outstanding $500m 6.125% February 2020. 

By the exchange deadline of 4pm London time on May 3, holders of the old 2020s had submitted $172.3m of notes for tender. The ...

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