Conversion price is 6.45% premium to company’s closing price
By Susanna Moon
Chicago, Jan. 25 – MakeMyTrip Ltd. has arranged a private placement of $180 million convertible bonds with Ctrip.com International, Ltd., according to a 6-K filing with the U.S. Securities and Exchange Commission. The two-part deal was announced Jan. 7.
In the first closing the company will issue a note with a principal value of $100 million at par, and in the second closing the company will sell a note with a principal value of $80 million, also at par.
The initial conversion price will be $21.45 per share, representing an initial conversion rate of 46.62 common shares per $1,000 principal amount.
The online travel company is based in Gurgaon, India.
| Issuer: | MakeMyTrip Ltd.
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| Issue: | Convertible notes
|
| Amount: | $180 million
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| Maturity: | Jan. 14, 2021
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| Coupon: | 4.25%
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| Conversion price: | $21.45
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| Conversion premium: | 6.45%
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| Warrants: | No
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| Investor: | Ctrip.com International, Ltd.
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| Announcement date: | Jan. 7
|
| Stock symbol: | Nasdaq: MMYT
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| Stock price: | $20.15 at close Jan. 22
|
| Market cap: | $856.45 million
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