eHi Car tackles refinancing pressure

摘要

EHI CAR SERVICES has taken more steps to ease its refinancing pressure with a US$300m bond coupled with a concurrent tender offer, following the refinancing of a syndicated loan. The China-based car rental and chauffeur company on Thursday priced the 7.75% 3.5-year non-call 2.5 senior notes at 99.25 to yield 8%, well inside initial price guidance of the 8.5% area. "The transaction went very well," said a person familiar with the situation, "The positive rating watch from Fitch also helped the transaction." Fitch, which rates eHi and the new bonds B, said on Wednesday it could upgrade both ratings if the company successfully refinances a significant portion of its 2022s with the new bond. S&P has assigned a B (stable) ratings on the company and an expected B ratings to the new issue.