ERAC USA in $2.75 Billion Offering
October 17, 2007
Cleary Gottlieb represented the initial purchasers, led by Goldman, Sachs & Co. and JP Morgan Securities, in Enterprise Rent-A-Car’s three-tranche Rule 144A/Reg. S Notes offering with an aggregate principal amount of $2.75 billion. ERAC USA Finance Company, guaranteed by Enterprise Rent-A-Car Company, issued $500 million of 5.800% Notes due October 15, 2012, $1 billion of 6.375% Notes due October 15, 2017 and $1.250 billion of 7.000% Notes due October 15, 2037.
Enterprise is the largest provider of rental cars in North America. It owns and operates a fleet of more than 728,000 rental vehicles and more than 180,000 lease vehicles through a network of over 6,100 locations across the United States and over 850 locations in Canada, the United Kingdom, Ireland and Germany.