By Abigail W. Adams
Portland, Me., Feb. 5 – MakeMyTrip Ltd. priced an upsized $200 million offering of seven-year convertible notes after the market close on Thursday at par with a coupon of 0% and an initial conversion premium of 37.5%, according to a market source.
Pricing came in line with tightened talk for a fixed coupon of 0% and at the rich end of tightened talk for an initial conversion premium of 35% to 37.5%, according to a market source.
Initial talk was for a coupon of 0% to 0.5% and an initial conversion premium of 30% to 35%.
Morgan Stanley & Co. LLC is the lead left bookrunner for the Rule 144A offering, which carries an upsized greenshoe of $30 million.
The initial size of the offering was $175 million with a greenshoe of $25 million.
The notes are non-callable.
The convertibles are putable on Feb. 15, 2024 and Feb. 15, 2026 or upon a fundamental change.
Net proceeds are expected to be $194.5 million or will be $223.7 million if the greenshoe is exercised in full.
Proceeds will be used for general corporate purposes.
MakeMyTrip is a Gurugram, India-based online travel company.
| Issuer: | MakeMyTrip Ltd.
|
| Securities: | Convertible senior notes
|
| Amount: | $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | Feb. 15, 2028
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion premium: | 37.5%
|
| Conversion price: | $38.75
|
| Conversion rate: | 25.8035
|
| Call options: | Non-callable
|
| Put options: | Feb. 15, 2024 and Feb. 15, 2026 or upon a fundamental change
|
| Pricing date: | Feb. 4
|
| Settlement date: | Feb. 9
|
| Distribution: | Rule 144A
|
| Talk: | Tightened talk for fixed coupon of 0% and initial conversion premium of 35% to 37.5%; initial talk for coupon of 0% to 0.5% and initial conversion premium of 30% to 35%
|
| Stock symbol: | Nasdaq: MMYT
|
| Stock price: | $28.18 at market close Feb. 5
|
| Market capitalization: | $2.91 billion
|
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