Davis Polk advised CAR Inc. in connection its Regulation S offering of $300 million 6.00% senior notes due 2021. The notes are guaranteed by certain offshore subsidiaries of CAR Inc. The proceeds from this offering will be used for capital expenditure and other general corporate purposes including refinancing outstanding indebtedness to enhance CAR Inc.’s capital structure.   

CAR Inc. is the largest car rental company in China offering comprehensive car rental services including short-term rentals, long-term rentals and leasing. CAR Inc. is the clear market leader in terms of fleet size, revenue, network coverage and brand awareness.   

The Davis Polk corporate team included partners William F. Barron and Li He, counsel Liang (Alex) Tao, associates Lillian Lian and John Kwok and registered foreign lawyer Ran Li. Counsel Alon Gurfinkel provided tax advice. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.   

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