eHi Car Services, a car rentals and car services provider in China, priced $400 million aggregate principal amount of its senior unsecured notes due August 2022. The notes will bear a fixed interest rate of 5.875% per annum, with interest payable semi-annually in arrears. The notes were issued with a yield of 5.875%, and will mature on Aug. 14, 2022.
The company will use the net proceeds to repay all outstanding borrowings under, and terminate, the $150 million syndicated bank facility it entered into in August 2016. The company expects to close the notes offering on or about Aug. 14.