Jingtian & Gongcheng Represents Underwriter on Ctrip’s USD 1.1 Billion Convertible Note Offering
Date:2015-07-05

In June 2015, Ctrip.com International Ltd., abbreviated as “Ctrip”, NASDAQ: CTRP) completed the convertible notes offering project. Jingtian & Gongcheng is the PRC legal counsel of the underwriter.

 

The notes offered total US$ 1.1 billion in two tranches, including US$ 700 million of convertible senior notes due 2020 with a rate of 1% per year, and US$ 400 million of convertible senior notes due 2025 with a rate of 1.99% per year. This is the third time, after September 2012 and October 2013, that Ctrip offers convertible senior notes in the market. In the previous two offerings, Ctrip offered convertible senior notes of US$ 180 million and US$ 800 million respectively, and Jingtian & Gongcheng was also the PRC legal counsel for those two offerings.

 

The convertible senior notes offering this time makes Ctrip the market highlight again. It is reported that the past 5 years, Ctrip is the only Chinese company to offer 10-year convertible notes. Taking into account of the previous offerings of convertible notes by Chinese companies, Ctrip has completed the largest convertible notes offering in the history of overseas-listed Chinese companies, as well as the largest convertible notes offering for an Asian internet company.

 

Ctrip is China’s leading travel service provider, which successfully integrates high-tech industry with traditional industry. It offers mobile app, hotel booking, ticket reservation, travel tour, business trip management and tourism information to over 250 million members, and is acclaimed as a successful example of seamless integration of internet with traditional tourism. Ctrip was successfully listed on NASDAQ in December 2003, and achieved the highest increase of share price on its first trading day on NASDAQ in three years for its sound business performance and strong profits. 

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