ERAC USA Finance in $500 Million Notes Offering

August 23, 2013

Cleary Gottlieb represented the initial purchasers, led by Goldman Sachs, J.P. Morgan Securities LLC, and RBS Securities, in a recent debt offering by ERAC USA Finance LLC guaranteed by Enterprise Holdings. ERAC issued $500 million of 2.800% notes due 2018, guaranteed as to payment of principal, premium (if any) and interest by EHI. The notes were offered for sale in the United States pursuant to Rule 144A and abroad pursuant to Reg. S. The deal closed on July 23.

Enterprise is the world’s largest provider of rental cars and its primary business is home city rentals. Enterprise provides replacement rental cars to drivers who temporarily have lost the use of their vehicles due to causes such as accidents, mechanical repairs or thefts. Enterprise also rents vehicles to leisure travelers and local business customers.

Cleary Gottlieb previously represented the initial purchasers in ERAC’s March 2012 and October 2012 issuances of notes.