ERAC USA Finance in $800 Million Notes Offering

November 9, 2015

Cleary Gottlieb represented the initial purchasers, led by Merrill Lynch, Mizuho, and Wells Fargo, in a recent debt offering by ERAC USA Finance LLC guaranteed by Enterprise Holdings. ERAC issued $800 million of 3.800% notes due 2025, 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 November 9.

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 June 2014 and February 2015 issuances of notes.