By Rebecca Melvin
New York, Aug. 3 – China’s eHi Car Services Ltd. sold $400 million 5 7/8% five-year notes (expected ratings: /BB-/BB-) at par on Thursday, according to a company announcement.
Proceeds of the offering will be used to repay a $150 million syndicated bank facility entered into in August 2016 and for other general corporate purposes, including capital expenditures, and refinancing outstanding debt.
Approval in-principle has been received for the listing of the Regulation S notes on the Singapore Exchange Securities Trading Ltd.
eHi is a car services and car rental provider based in Shanghai.
| Issuer: | eHi Car Services Ltd.
|
| Amount: | $400 million
|
| Maturity: | Aug. 14, 2022
|
| Description: | Senior notes
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 14
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
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