Skadden, Arps, Slate, Meagher & Flom and Davis Polk & Wardwell have the lead roles on an $800 million convertible bond issue by Chinese online travel site Ctrip.com International Ltd.
The five-year bonds bear a 1.25 percent coupon. Nasdaq-listed Ctrip said in a press release the notes will be convertible into American depositary shares with a 42.5 percent conversion premium. The company said it would use the proceeds from the issue to increase its working capital and for other general corporate purposes.
Shanghai-based Ctrip is China’s largest Internet travel service provider with 47 percent market share. The company is likely to bolster its position through a recently announced alliance with Qunar.com, the airline ticket search engine owned by Baidu Inc.
