By Christine Van Dusen
Atlanta, Dec. 1 – China’s eHi Car Services Ltd. sold $200 million 7½% three-year notes (expected ratings: /BB-/BB-) to yield of 7¾% on Tuesday, according to a company announcement.
The notes were talked at a yield of 7¾%.
JPMorgan and Deutsche Bank were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used for capital expenditures and other general corporate purposes, including refinancing of outstanding debt and enhancing capital structure.
eHi is a car services and car rental provider based in Shanghai.
| Issuer: | eHi Car Services Ltd.
|
| Amount: | $200 million
|
| Maturity: | Dec. 8, 2018
|
| Description: | Senior notes
|
| Bookrunners: | JPMorgan, Deutsche Bank
|
| Coupon: | 7½%
|
| Yield: | 7¾%
|
| Trade date: | Dec. 1
|
| Settlement date: | Dec. 8
|
| Ratings: | Standard & Poor's: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¾%
|
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