By William Gullotti
Buffalo, N.Y., May 14 – eHi Car Services Ltd. sold an offering of $300 million 7¾% senior notes due 2024 (B), according to a notice.
The listing is expected to become effective May 17.
The notes are guaranteed by certain existing subsidiaries.
Deutsche Bank and J.P. Morgan are the joint global coordinators, joint bookrunners and joint lead managers.
Proceeds, according to S&P Global Ratings, will be used to refinance the company’s $400 million of notes due 2022 that are part of a tender offer.
eHi Car Services Ltd. is a car rental and services company based in Shanghai.
| Issuer: | eHi Car Services Ltd.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | 2024
|
| Bookrunners: | Deutsche Bank and J.P. Morgan
|
| Coupon: | 7¾%
|
| Trade date: | May 6
|
| Listing date: | May 17
|
| Rating: | S&P: B
|
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