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China’s eHi Car Services offers to purchase 5 7/8% notes due 2022
By Rebecca Melvin
Concord, N.H., May 4 – eHi Car Services Ltd. has offered to purchase its outstanding 5 7/8% notes due Aug. 14, 2022 using proceeds of a new notes deal, according to an announcement.
There is currently $400 million principal amount of the existing notes outstanding, and the maximum acceptance amount will be determined after pricing of the new notes, which is expected to occur on May 6.
The company is offering to purchase the 2022 bonds for $1,002.50 per $1,000 principal amount.
The offer expires at 11 a.m. on May 14 with settlement expected to occur on May 19.
Deutsche Bank AG, Singapore Branch (fax: +65 6 225 9442) and J.P. Morgan Securities plc (fax: +44 20 3493 0682) are dealer managers of the offer, and D.F. King Ltd. (+44 20 7920 9700 and +852 3953 7208) is the information and tender agent.
The car rental and services company is based in Shanghai.
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