MakeMyTrip greenshoe lifts 0% convertibles to $230 million

By Wendy Van Sickle

Columbus, Ohio, Feb. 9 – Underwriters for MakeMyTrip Ltd.’s 0% seven-year convertibles fully exercised their $30 million greenshoe, lifting the total deal size to $230 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced an upsized $200 million of the convertible notes after the market close on Thursday at par with a coupon of 0% and an initial conversion premium of 37.5%, as previously reported.

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.

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 will be $223.7 million with the greenshoe exercised in full.

Proceeds will be used for general corporate purposes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.