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MakeMyTrip Announces Closing of Offering of US$1.25 billion 0.00% Convertible Senior Notes Due 2030 and Full Exercise of Option to Purchase Additional Notes
NEW YORK & GURUGRAM, India--(BUSINESS WIRE)-- MakeMyTrip Ltd (NASDAQ: MMYT, the “Company” or “MakeMyTrip”), today announced the closing of its previously
About this update from Makemytrip Limited
[{"type":"text","content":" NEW YORK & GURUGRAM, India--(BUSINESS WIRE)--\nMakeMyTrip Ltd (NASDAQ: MMYT, the “Company” or “MakeMyTrip”), today announced the closing of its previously announced offering of US$1.25 billion in aggregate principal amount of 0.00% convertible senior notes due 2030 (the “Notes”), and the exercise in full by the initial purchasers of their option to purchase an additional US$187.5 million in aggregate principal amount of the Notes (collectively, the “Notes Offering”). The Notes were offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).\n\n\nThe Company also announced today by a separate press release the closing of a registered public offering of 16,000,000 ordinary shares (the “Primary Equity Offering”) at US$90 per ordinary share. The underwriters exercised in full their option to purchase 2,400,000 additional ordinary shares.\n\n\nMakeMyTrip received net proceeds from the Notes Offering of approximately US$1.41 billion, after deducting the initial purchasers’ discounts and estimated offering expenses payable by the Company. The Company plans to use all of the net proceeds from the Notes Offering and the Primary Equity Offering to repurchase a portion of the Class B ordinary shares of the Company from Trip.com Group Limited.\n\n\nTerms of the Notes\n\n\nThe Notes are senior unsecured obligations of the Company. The Notes will mature on July 1, 2030 unless redeemed, repurchased or converted prior to such date. The Notes will be convertible into ordinary shares of the Company, at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day preceding the maturity date.\n\n\nThe initial conversion rate of the Notes is 8.2305 ordinary shares per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$121.50 per ordinary share and represents a conversion premium of approximately 35% above the public offering price of the ordinary shares, which was US$90 per ordinary share). The conversion rate of the Notes is subject to adjustment upon the occurrence of certain events.\n\n\nOn or after July 10, 2028, MakeMyTrip may redeem for cash all or part of the Notes, at its ...