eHi Car Services Limited, a car rental and car services provider in China, has completed the offering of $400 million aggregate principal amount of its senior unsecured notes due August 2022.

The notes will bear a fixed interest rate of 5.875% per year, with interest payable semi-annually in arrears, according to the company.

eHi plans to use the net proceeds of the offering to repay all outstanding borrowings under the $150 million syndicated bank facility it entered into in August 2016, according to the company.

Additionally, funds will be used for general corporate purposes, including capital expenditures, refinancing outstanding indebtedness and enhancing its capital structure.