MakeMyTrip tightens talk on $175 million seven-year convertibles to 0% coupon, up 35%-37.5%

By Abigail W. Adams

Portland, Me., Feb. 4 – MakeMyTrip Ltd. tightened talk on its $175 million offering of seven-year convertible notes, which is slated to price after the market close on Thursday, to a fixed coupon of 0% and an initial conversion premium of 35% to37.5%, according to a market source.

Initial talk was for a coupon of 0% to 0.5% and an initial conversion premium of 30% to 35%, according to a market source.

Morgan Stanley & Co. LLC is the lead left bookrunner for the Rule 144A offering, which carries a greenshoe of $25 million.

The notes are non-callable.

The convertibles are putable on Feb. 15, 2024 and Feb. 15, 2026.

Proceeds will be used for general corporate purposes.

MakeMyTrip is a Gurugram, India-based online travel company.

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