Trip.com drops on plan to offer convertible senior notes

Trip.com

05/06/2024 03:15

** Hong Kong shares of online travel agency Trip.com
 9961.HK  drop 4.1% to HK$391.60, set for biggest one-day pct
drop since April 29
    ** Stock hits the lowest since May 31
    ** Trip is top pct loser on Hang Seng Index  .HSI , Hang
Seng Tech Index  .HSTECH  and Hang Seng China Enterprises Index
 .HSCE , which are up 0.9%-1%
    ** Co plans to offer $1.3 bln in cash-par settled
convertible senior notes due in 2029
    ** It has granted initial purchasers an option to purchase
up to an additional $200 mln principal amount of the notes
    ** Says proceeds will be used for repayment of existing
financial indebtedness, expansion of its overseas business and
for working capital
    ** The stock is up 42% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))