Ctrip.com Prices US$1.1 Bln Convertible Senior Note Offering

(RTTNews) - Chinese online travel services provider Ctrip.com International, Ltd. (CTRP) said Thursday that it has priced US$700 million in aggregate principal amount of convertible senior notes due 2020 and US$400 million in aggregate principal amount of convertible senior notes due 2025.

The company has granted the initial purchaser a 30-day option to purchase up to an additional US$105 million principal amount of the 2020 notes and an additional US$60 million principal amount of the 2025 notes solely to cover over-allotments, if any.

The company plans to use a portion of the net proceeds of the offering to pay the cost of call spread transactions which it expects to enter into with one or more third party financial institutions.

The company plans to use the remainder of the net proceeds from the offering for other general corporate purposes, including a concurrent repurchase of its ADSs and potential note retirement from time to time.

The offering is expected to close on or about June 24.