New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Gurugram, India, February 4, 2021 / New York , February 3, 2021 MakeMyTrip Limited (Nasdaq: MMYT) today announced that it proposes to offer up to $175 million in aggregate principal amount of convertible senior notes due 2028. The interest rate, the initial conversion rate and other terms of the Notes have not been finalized and will be determined at the time of pricing of the Notes Offering. The Company intends to grant to the initial purchasers in the Notes Offering a 30-day option to purchase up to an additional $25 million in aggregate principal amount of the Notes. The Notes Offering is subject to market conditions and other factors.
When issued, the Notes will be senior, unsecured obligations of the Company and will mature on February 15, 2028, unless earlier redeemed, repurchased or converted in accordance with their terms. The Notes will be convertible into ordinary shares of the Company, at the option of the holders, in integral multiples of $1,000 principal amount, at any time prior to the close of business on the second business day preceding February 15, 2028. The Company will not have the right to redeem the Notes prior to maturity, unless certain changes in tax law or related events occur. Holders of the Notes have the right to require the Company to repurchase for cash all or part of their Notes on February 15, 2024 and February 15, 2026 or in the event of certain fundamental changes, at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding the relevant repurchase date.
We intend to use the net proceeds from the Notes Offering for working capital and other general corporate purposes.
The Notes and the ordinary shares deliverable upon conversion of the Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
This press release contains information about the pending Notes Offering, and there can be no assurance that the Notes Offering will be completed.
About MakeMyTrip Limited
We own and operate well recognized online travel brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.
We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, Indian Railways and all major Indian bus operators.
