Closes Note Offering

By Staff Writer November 02, 2020 Inc. has successfully closed its previously announced offering of $400 million aggregate principal amount of 6.375 senior unsecured notes due 2028. CARS used the net proceeds of the offering, together with cash on hand, to repay $235 million of borrowings under its revolving facility, repay $163 million of borrowings under its term loan and pay fees associated with the transactions.

Simultaneously, CARS amended its existing credit facility to, among other things, refinance the facility and provide for a $230 million undrawn revolving facility and a $200 million term loan, extend the maturity date of the facility until May 31, 2025, update and modify certain covenants, modify pricing and eliminate certain requirements previously in effect.

The notes and the related guarantees have not been and will not be registered under the Securities Act of 1933, as amended, any state securities laws or the securities laws of any other jurisdiction. The notes and related guarantees may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration or pursuant to an exemption from, or in a transaction not subject to, registration. The notes and related guarantees were offered and sold only to persons reasonably believed to be “qualified institutional buyers” in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

Rate this item
(0 votes)
Last modified on Monday, 02 November 2020 16:56