Trip.com plans to price up to $500 million seven-year exchangeables

By Rebecca Melvin

New York, July 13 – Trip.com Group Ltd. plans to price up to $500 million of seven-year exchangeable senior notes, according to market sources.

The Regulation S notes were being talked for a 1.25% to 1.75% coupon and with an exchange premium of 20% to 25%. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are arranging the deal, a source said.

Upon exchange, the company will deliver cash, American Depositary Shares of Huazhu Group Ltd., each representing one ordinary share of Huazhu, or a combination of cash and Huazhu ADSs, at its election subject to certain conditions.

The proceeds from the notes offering will be used for general corporate purposes, including repayment of any existing financial debt.

The company is a Shanghai-based travel services provider.

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