Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management inChina (“Ctrip” or the “Company”), today announced the pricing of US$900 million in aggregate principal amount of convertible senior notes due 2022 (the “Notes”). The Notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and certain non-U.S. persons in compliance with Regulation S under the Securities Act. The Company has granted the initial purchasers a 30-day option to purchase up to an additional US$75 million principal amount of the Notes solely to cover over-allotments, if any. The Notes will be convertible into Ctrip’s American depositary shares (“ADSs”), each representing as of the date of this press release 0.125 of an ordinary share of Ctrip, at the option of the holders, based on an initial conversion rate of 15.2688 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$65.49 per ADS and represents an approximately 42.5% conversion premium over the closing trading price of the Company’s ADSs on September 6, 2016, which was US$45.96 per ADS).
The Company also priced the concurrent offering of 28,500,000 ADSs (the “ADS Offering”) at US$45.96 per ADS. Ctrip has granted the underwriters in the ADS Offering a 30-day option to purchase up to an additional 4,275,000 ADSs in connection with the ADS Offering to cover over-allotments, if any. The closing of the Notes Offering is not contingent upon the closing of the ADS Offering, and the closing of the ADS Offering is not contingent upon the closing of the Notes Offering. (Original Source)
Shares of Ctrip closed yesterday at $45.94, down $1.96 or -4.09%. CTRP has a 1-year high of $57.36 and a 1-year low of $30.12. The stock’s 50-day moving average is $45.18 and its 200-day moving average is $43.51.
On the ratings front, CTRPP has been the subject of a number of recent research reports. In a report released yesterday, Brean Capital analyst Fawne Jiang reiterated a Buy rating on CTRP. Separately, on September 1, Piper Jaffray’s Michael Olson reiterated a Buy rating on the stock and has a price target of $53.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Fawne Jiang and Michael Olson have a total average return of 10.4% and 8.7% respectively. Jiang has a success rate of 65% and is ranked #91 out of 4147 analysts, while Olson has a success rate of 61% and is ranked #190.
Ctrip.com International Ltd. engages in the provision of travel-related services. It provides hotel accommodations, airline tickets, packaged tours, corporate travel management services, property management systems, and advertising services.