Trip.com says no 1.5% exchangeables surrendered for repurchase

By Mary-Katherine Stinson

Lexington, Ky., June 30 – Trip.com Group Ltd. announced that none of its 1.5% exchangeable senior notes due 2027 (Cusip: G9066FAA9) were surrendered for repurchase during the repurchase rights period, leaving $500 million of the notes remaining outstanding, according to a 6-K filing with the Securities and Exchange Commission.

As previously reported, the 2023 repurchase right was exercisable beginning May 26 to 5 p.m. ET on June 29, which was also the withdrawal date.

Per the terms of the notes, each holder had the right to require the company to repurchase for cash all or a portion of their notes on July 1, 2023 and July 1, 2025 at par plus interest.

On July 1, which is the interest payment date, accrued interest through June 30 will be paid to holders of record as of June 15, regardless of the exercise of the repurchase right. There would have been no accrued interest on the redemption date.

Any surrendered notes were to be repurchased on July 3, which was the next business day after the 2023 repurchase date.

The company is a Shanghai-based travel services provider.

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