eHi gets $195 million three-year facility at Libor plus 350-400 bps

By Susanna Moon

Chicago, Dec. 7 – eHi Car Services Ltd. obtained a $195 million three-year syndicated loan facility with Deutsche Bank AG, Singapore Branch as lead arranger.

The $195 million credit line consists of an initial facility of $180 million and a greenshoe facility of $15 million, which has received written commitments for a full subscription, according to a 6-K filing with the Securities and Exchange Commission.

Interest is Libor plus 350 basis points through the first 12 months and Libor plus 400 bps after the date falling 12 months after the first use date, the filing noted.

The loan facilities will be repaid in installments.

Proceeds will be used for repaying the amounts outstanding under the company’s senior notes due in December and for other general corporate purposes.

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

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