eHi Car Services Limited, a car rental and car services provider in China, has announced that it has entered into an up to $150 million syndicated loan facility agreement.

This loan facility agreement provides an up to $150 million credit line to eHi Car Services, including an initial facility of $110 million and a green-shoe facility of up to $40 million, which has received written commitments for a full subscription, according to the company.

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.

According to eHi Car Services, 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.