eHi enters into up to $150 million three-year loan facility agreement

By Tali Rackner

Norfolk, Va., Sept. 1 – eHi Car Services Ltd. entered into an up to $150 million three-year syndicated loan facility agreement, according to a Thursday press release.

The agreement includes an initial $110 million facility and an up to $40 million greenshoe, which has received written commitments for a full subscription.

Interest is equal to Libor plus 350 basis points, the release said.

Proceeds will be used for repaying some existing debt with high interest rates, funding capital expenditures and other general corporate purposes.

Deutsche Bank AG, Singapore Branch acted as mandated lead arranger.

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

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