O’Melveny Represents eHi Car Services in first Regulation S High-yield Bond Offering of 2024 by a China-based Issuer
March 29, 2024
FOR IMMEDIATE RELEASE
NEW YORK and SHANGHAI—MARCH 29, 2024— O’Melveny recently represented eHi Car Services Limited (eHi) in its US$325 million Regulation S offering of its 12.00% senior notes due 2027. The new bond offering helped eHi raise US$42 million of new money, while the rest of the deal involved an exchange offer which swapped a tranche of eHi’s existing senior notes due 2024. This deal was announced on March 11, 2024 and settled on March 26, 2024. Deutsche Bank and JPMorgan were the joint dealer managers on the exchange offer, and joint global coordinators and book runners on the new money issuance.
eHi is a leading mobility service and car rental service provider in China. eHi pioneers and successfully operates a direct operation business model with nationwide coverage. This deal is the first publicly sold high-yield dollar bond deal by a China-based issuer this year.
The O’Melveny team included partners Portia Ku and Vincent Lin, senior legal consultant Aaron Xin, associates Edward Poon and Wuxiao Liang, and legal consultants Yingqi Gu, Nick Mu and Minhui Chen. Partner Jeff Norton and counsel Cody Dreibelbis provided valuable deal support.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com
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