MakeMyTrip Restricted Proclaims Proposed Providing of $ 175 Million Convertible Notes Nasdaq: MMYT

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MakeMyTrip Limited Announces Proposed Offering of $ 175 Million Convertible Notes Nasdaq: MMYT

New York, February 3, 2021 (GLOBE NEWSWIRE) – Gurugram, India, February 4, 2021 / New York, February 3, 2021 MakeMyTrip Limited (Nasdaq: MMYT) (“MMYT” or the “Company”) announced today that it is proposing to purchase a total of up to US $ 175 million in principal for convertible bonds due in 2028 (the “Notes”) (the “Notes Offering”) to offer. ). The interest rate, initial conversion rate and other terms of the Notes have not yet been determined and will be determined at the time of the pricing of the Notes offering. The Company intends to provide first-time buyers of the Notes with a 30-day option to purchase up to $ 25 million in total face value of the Notes. The offering of the Notes is subject to market conditions and other factors.

At the time of issue, the Notes are senior unsecured obligations of the Company maturing on February 15, 2028, unless previously redeemed, repurchased or converted in accordance with their terms. The Notes may be converted into common stock of the Company at any time prior to close of business on the second business day prior to February 15, 2028, at the option of the holder, in integer multiples of the face value of $ 1,000. The Company will do so and you have no right to repay the Notes prior to maturity unless certain changes in tax law or related events occur. The holders of the bonds have the right to require the Company to repurchase their bonds in cash on February 15, 2024 and February 15, 2026, in whole or in part, or in the event of certain fundamental changes, at a repurchase price of 100% of the purchase price The nominal amount of the bonds to be repurchased plus accrued and unpaid interest, but without the relevant repurchase date.

We intend to use the net proceeds from the Notes offering for working capital and other general corporate purposes.

The bonds and common stock to be delivered upon conversion of the Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities act. They may not be offered or sold in the United States or to any US person, except to persons believed to be qualified institutional buyers, subject to the registration exemption provided by Rule 144A under the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will any sale of the securities be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful .

This press release contains information about the outstanding note offer and no guarantee can be given that the note offer will be completed.

Safe Harbor Statement

This press release contains certain statements regarding the company’s future growth prospects and forward-looking statements as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the company’s current expectations, beliefs, estimates and projections about the company and its industry. These forward-looking statements are subject to various risks and uncertainties. In general, these forward-looking statements can be identified by the use of forward-looking terms such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “project”, “seek”, “should” and similar expressions. These statements include quotes from management and MMYT’s strategic and operational plans. Among other things, the terms of the Notes and whether the Company will complete the Notes offering contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. The potential risks and uncertainties include, but are not limited to, a slowdown in economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, the volatility of the trading price of MMYT shares, and MMYT’s dependence on its relationships with travel providers and strategic alliances, the failure to further increase MMYT’s brand awareness in order to attract new business partners and consumers; the failure to assert oneself against new and existing competitors; the failure to successfully manage current growth and potential future growth; the risks that associated with strategic investments or acquisitions, seasonality in the travel industry in India and overseas, lack of successful development of MMYT’s business travel business, damage or failure of MMYT’s infrastructure and technology, loss of service to key executives of MMYT and inflation in India and other countries. These and other factors are further discussed in the “Risk Factors” section of MMYTs 20-F dated August 17, 2020, filed with the US Securities and Exchange Commission. COVID-19 and the resulting volatile regional and global economic conditions as well as additional or unforeseen effects of the COVID-19 pandemic could continue to create or worsen these risk factors, which in turn could have a material adverse effect on our business, financial condition, liquidity, earnings position (including Sales and profitability) and / or share price. In addition, COVID-19 may also affect our operating and financial results in ways that we are not currently aware of or that we do not currently consider material to our business. All information contained in this press release is provided as of the date of this press release and MMYT assumes no obligation to update any forward-looking statements unless required by applicable law.

About MakeMyTrip Limited

We own and operate popular online travel brands such as MakeMyTrip, Goibibo, and redBus. Through our primary websites www.makemytrip.com, www.goibibo.com, www.redbus.in and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India and overseas. Our services and products include airline tickets, hotel and alternative accommodation bookings, vacation planning and packaging, train tickets, bus tickets, rental cars and additional travel requirements such as: B. Facilitating access to third party travel insurance and processing Visa.

We offer our customers access to all major full-service and low-cost domestic airlines operating in India, as well as all major airlines flying to and from India, with a full range of domestic accommodations in India and to a wide range of properties outside India. Indian Railways and all major Indian bus companies.

For further information please contact:

Jonathan Huang
MakeMyTrip Limited
Vice President – Investor Relations
+1 (917) 769-2027
jonathan.huang@go-mmt.com