Chinese car rental company CAR Inc., announced results of its tender offer by accepting to buy $92.985mn in principal, or 25%, of its 8.875% bonds due 2022. CAR will pay $1,010 per $1,000 in principal with settlement on or about October 28. The new outstanding amount will now be reduced to $279.348mn. During the launch of the tender offer, CAR said it would be capped at $100mn and the purchase price would be between $1,002.5 and $1,010
CAR’s dollar bonds were flat with its 9.75% 2024s at 101.13, yielding 9.21%.