MakeMyTrip talks $175 million seven-year convertible notes to yield 0%-0.5%, up 30%-35%

By Abigail W. Adams

Portland, Me., Feb. 3 – MakeMyTrip Ltd. plans to price $175 million of seven-year convertible notes after the market close on Thursday with price talk for a coupon of 0% to 0.5% and an initial conversion premium of 30% to 35%, according to a market source.

Morgan Stanley & Co. LLC is the lead left bookrunner for the Rule 144A offering, which carries a greenshoe of $25 million.

The notes are non-callable.

The convertibles are putable on Feb. 15, 2024 and Feb. 15, 2026.

Proceeds will be used for general corporate purposes.

MakeMyTrip is a Gurugram, India-based online travel company.

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