Ctrip Group-S (09961) announced the completion of the sale of a total principal amount of $1.5 billion of convertible senior notes due 2029, including the exercise of the initial purchaser's option to purchase an additional principal amount of $200 million of notes. The notes were offered and sold to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended.
The notes will be the general unsecured debt of the company and will bear interest at a rate of 0.75% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2024. The notes will mature on June 15, 2029, unless repurchased, redeemed or converted in accordance with their terms prior to such date.
The company plans to use the net proceeds of the notes offering to repay existing financial debts, expand overseas business, and meet the operational funding needs.