press releases

eHi Car Services Announces up to US$150 Million Syndicated Loan Facilities

FOR IMMEDIATE RELEASE

SILICON VALLEY, CA — September 9, 2016 — O’Melveny represented eHi Car Services Limited in a syndicate loan facility of US$150 million, which consists of an initial facility of US$110 million and a fully subscribed greenshoe facility of US$40 million. Deutsche Bank AG, Singapore Branch is acting as the original mandated lead arranger of the loan facilities and the lenders consist of East West Bank, Deutsche Bank AG, Singapore Branch, China CITIC Bank International Limited, Shanghai Pudong Development Bank Xuhui Sub-Branch, CTBC Bank Co., Ltd., and China Merchants Bank Shanghai Nan Xi Sub-Branch.

The O'Melveny team was led by Silicon Valley partner Portia Ku and New York partners Sung Pak and Dan O’Shea, and included counsel Eric Gold, Billy Abbott, and Vincent Lin.  

About O’Melveny
O’Melveny’s clients shape markets, set precedents, and break boundaries. They are stalwarts and innovators, the names you trust and the next big thing. And for more than a century, O’Melveny has been right beside them, kicking down walls and putting up defenses to help our clients achieve their most important goals. With approximately 700 lawyers in 15 offices worldwide guided by the principles of excellence, leadership, and citizenship, we uphold a tradition of treating our clients’ challenges and opportunities as our own. What do you want to achieve? For the answers, please visit www.omm.com.

Contact: 
Julie Fei 
O’Melveny & Myers LLP 
213.430.7792 
jfei@omm.com  

The following release was issued by eHi:

eHi Car Services Announces up to US$150 Million Syndicated Loan Facilities

SHANGHAI, Sept. 1, 2016 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (EHIC), a leading car rentals and car services provider in China, today announced that the Company has entered into an up to US$150 million syndicated loan facility agreement.

This loan facility agreement provides an up to US$150 million credit line to the Company, including an initial facility of US$110 million and a greenshoe facility of up to US$40 million, which has received written commitments for a full subscription. The loan facilities have a three-year term and will be repaid in installments. The interest margin is priced at 350 basis points per annum over LIBOR. Deutsche Bank AG, Singapore Branch is acting as the original mandated lead arranger of the loan facilities. The proceeds of the loan facilities will be used for repaying certain existing indebtedness with high interest rates, funding capital expenditures and other general corporate purposes of the Company.

About eHi Car Services Limited
eHi Car Services Limited (EHIC) is China's No. 1 car services provider and No. 2 car rentals provider in terms of market share by revenues in 2013, according to Frost & Sullivan. The Company's mission is to provide comprehensive mobility solutions as an alternative to car ownership by best utilizing existing resources and sharing economy to create optimal value. eHi distinguishes itself in China's fast-growing car rental and car services market through its complementary business model, customer-centric corporate culture, broad geographic coverage, efficient fleet management, leading brand name, and commitment to technological innovation. eHi is the exclusive strategic partner in China of Enterprise, the largest car rental company in the world, and is the designated and preferred business partner of Ctrip, a leader in the online travel agency industry in China. For more information regarding eHi, please visit http://en.1hai.cn.

For investor and media inquiries, please contact:

eHi Car Services Limited
Tel: +86 (21) 6468-7000 ext. 8742
E-mail: ir@ehic.com.cn

The Piacente Group, Inc.
Mr. Don Markley
Tel: +1-212-481-2050
E-mail: ehi@thepiacentegroup.com