The offering was upsized from a previous offering of USD 175 million in aggregate principal amount of the Notes. In connection with the Notes Offering, Morgan Stanley & Co. LLC and Goldman Sachs (Asia) L.L.C as Initial Purchasers have exercised their options to purchase up to an additional USD 30 million aggregate principal amount of the Notes from MMTL. The Notes will be senior, unsecured obligations of MMTL and will mature on February 15, 2028, unless earlier redeemed, repurchased or converted in accordance with their terms. The Notes will be convertible into ordinary shares of the Company, at the option of the holders, in integral multiples of $1,000 principal amount, at any time prior to the close of business on the second business day preceding February 15, 2028.
MMTL will not have the right to redeem the Notes prior to maturity, unless certain changes in tax law or related events occur. Holders of the Notes have the right to require MMTL to repurchase for cash all or part of their Notes on February 15, 2024 and February 15, 2026 or in the event of certain fundamental changes, at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding the relevant repurchase date.
The capital raise comes at a time when the travel industry is in the midst of difficult times. The raise will bolster MMTL cash reserves allowing MMTL to meet its working capital requirements as business recovery gathers momentum and also pursue any investment opportunities in the growing Indian market. The Bank of New York Mellon acted as Trustee to MMTL as issuer.
The Appleby team was led by Group Managing Partner Malcolm Moller and Associate Karishma Beegoo.