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.
Skadden Hong Kong partner Z. Julie Gao, New York partner Yossi Vebman, and Sydney partner Adrian Deitz led the team advising Ctrip.
Davis Polk Hong Kong partner James Lin led a team advising underwriter JPMorgan Chase & Co.