MakeMyTrip Notifies Convertible Note Holders of Repurchase Rights
Indian travel service provider, MakeMyTrip Limited, has officially notified holders of its 0.00% Convertible Senior Notes due 2028 about their right to require the company to repurchase the notes on specific dates. These notes, set to mature on February 15, 2028, can be repurchased by the company on February 15, 2024, and February 15, 2026, as per the terms of the Indenture agreement made with The Bank of New York Mellon, who acts as trustee.
Exercising the Repurchase Right
This repurchase right, detailed in the Repurchase Right Notice, allows holders to tender their notes at par value on the repurchase date, with the first opportunity being February 15, 2024. However, to exercise this right, holders must make their intention known by 5:00 p.m., New York City time, on February 13, 2024.
MakeMyTrip’s Stance
MakeMyTrip has followed due procedure by filing a Tender Offer Statement on Schedule TO with the SEC….