Davis Polk advised CAR Inc. in connection its 144A and Regulation S offering of $500 million 6.125% senior notes due 2020. 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 and associates Lillian Lian and John Kwok. Counsel Alon Gurfinkel and associate Sarah Joy provided tax advice. Associate Susan Klavens Hutner provided OFAC advice. Associates Benjamin Milder and Jake H. Wang provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London, Washington DC and New York offices.   

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