China’s eHi Car Services cancels plans for dollar bonds

By Christine Van Dusen

Atlanta, Aug. 5 – eHi Car Services Ltd. has canceled plans for a dollar-denominated offering of notes, a market source said.

Current market conditions, as well as weak demand, led to the deal’s downfall, he said.

Deutsche Bank and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.

The proceeds were to be used for capital expenditures and other general corporate purposes, including refinancing of outstanding debt and enhancing capital structure, according to a company announcement.

eHi is a car services and car rentals provider based in Shanghai.

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