Liberty TripAdvisor greenshoe ups exchangeables due 2051 to $330 million

By Wendy Van Sickle

Columbus, Ohio, April 6 – Underwriters for Liberty TripAdvisor Holdings, Inc.’s 0.5% exchangeable debentures due 2051 fully exercised their $30 million greenshoe, lifting the total size of the deal to $330 million, according to a company news release.

The company priced $300 million of the convertibles on March 22 at par with an initial exchange premium of 30%, as previously reported.

Pricing came at the cheap end of talk for a coupon of 0.25% to 0.5% and an initial exchange premium of 30% to 35%, according to a market source.

The debentures will be issued by Liberty TripAdvisor Holdings and exchangeable for TripAdvisor Inc. common stock.

BofA Securities Inc. (lead left), Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC were active bookrunners for the Rule 144A offering.

The debentures are non-callable until March 27, 2025 and then freely callable.

They are putable on March 27, 2025.

Proceeds will be used to fund the repurchase of the company’s 8% series A cumulative redeemable preferred stock in a private transaction with Certares Management LLC.

Liberty TripAdvisor repurchased approximately 42% of the preferred shares held by Certares for an aggregate value of $373 million.

Liberty TripAdvisor is the holding company for its subsidiary TripAdvisor.

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