Trip.com announces repurchase right for 1.5% exchangeables due 2027

By Mary-Katherine Stinson

Lexington, Ky., May 26 – Trip.com Group Ltd. announced repurchase rights for holders of its 1.5% exchangeable senior notes due 2027 (Cusip: G9066FAA9), according to a 6-K filing with the Securities and Exchange Commission.

Per the terms of the notes, each holder has the right to require the company to repurchase for cash all or a portion of their notes on July 1, 2023 and July 1, 2025.

The 2023 repurchase right may be exercised beginning May 26 to 5 p.m. ET on June 29, which is also the withdrawal date.

Notes will be repurchased at par plus interest.

On July 1, which is the interest payment date, accrued interest through June 30 will be paid to holders of record as of June 15, regardless of the exercise of the repurchase right. There will be no accrued interest on the redemption date.

The notes will be repurchased on July 3, the next business day after the 2023 repurchase date.

As of May 26, there was a total of $500 million of the exchangeable notes outstanding.

In order to exercise the 2023 repurchase right, a holder must follow the transmittal procedures in the repurchase right notice. Information may be requested from the trustee and paying agent the Bank of New York Mellon (315 414-3317).

The company is a Shanghai-based travel services provider.

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