MakeMyTrip Limited Announces Pricing of Upsized $200 Million 0.00% Convertible Senior Notes due 2028

New York, Feb. 05, 2021 (GLOBE NEWSWIRE) -- Gurugram, India, February 5, 2021 / New York, February 5, 2021 MakeMyTrip Limited (Nasdaq: MMYT) (“MMYT” or the “Company”) today announced the pricing of $200 million in aggregate principal amount of 0.00% convertible senior notes due 2028 (the “Notes” and the “Notes Offering”, respectively). The Notes Offering was upsized from the previously announced offering of $175 million in aggregate principal amount of the Notes. In connection with the Notes Offering, the Company has granted to the initial purchasers of the Notes a 30-day option to purchase up to an additional $30 million in aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on February 9, 2021, subject to customary closing conditions.

The Notes will not bear regular interest and the principal amount of the Notes will not accrete. The Notes will mature on February 15, 2028, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date. The Company may not redeem the Notes prior to maturity, unless certain changes in tax law or related events occur. Holders of the Notes may require the Company to repurchase all or part of their Notes on February 15, 2024 and February 15, 2026, as well as in the event of certain fundamental changes, in each case at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the relevant repurchase date or the fundamental change repurchase date, as the case may be. The Notes will be convertible into the Company’s ordinary shares (“ordinary shares”) at the option of the holders, at any time prior to the close of business on the second business day immediately preceding the maturity date. The initial conversion rate of the Notes is 25.8035 ordinary shares per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $38.75 per ordinary share) and is subject to adjustment under the terms of the Notes.

The Company estimates that the net proceeds from this Notes Offering will be approximately $194.5 million (or approximately $223.7 million if the initial purchasers exercise their option to purchase additional Notes in full), after deducting the initial purchasers’ discounts and estimated offering expenses payable by the Company.