Tripadvisor greenshoe lifts five-year convertibles to $345 million

By Rebecca Melvin

New York, March 26 – Underwriters for Tripadvisor Inc.’s five-year 0.25% convertibles fully exercised their $45 million greenshoe, lifting the total deal size to $345 million, according to an 8-K filed with the Securities and Exchange Commission.

The company priced $300 million of the convertibles on March 22 with an initial conversion premium of 37.5%, as previously reported.

The notes are non-callable until April 1, 2024 and then subject to a 130% hurdle.

They will be settled in cash, shares or a combination of both.

In connection with the offering, the company entered into capped call transactions.

Proceeds will be used to cover the cost of the call spread and for general corporate purposes, which may include the repayment of debt, including the redemption of its 2025 senior notes.

TripAdvisor is a Needham, Mass.-based travel guidance platform.

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