Booking Holdings Issues $2.5B in New Senior Notes

Ticker: BKNG · Form: 8-K · Filed: 2024-05-10T00:00:00.000Z

Sentiment: neutral

Topics: debt-issuance, financing, senior-notes

Related Tickers: BKNG

TL;DR

BKNG just dropped $2.5B in new debt, notes due 2029 & 2031. Debt party!

AI Summary

On May 9, 2024, Booking Holdings Inc. entered into a material definitive agreement related to its senior notes. Specifically, the company is issuing new senior notes due in 2029 and 2031, with interest rates of 4.250% and 4.500% respectively, totaling $1.5 billion and $1 billion respectively. This action is part of the company's financing strategy and creates a direct financial obligation.

Why It Matters

This issuance of new debt indicates Booking Holdings is actively managing its capital structure, potentially for acquisitions, expansion, or refinancing existing debt.

Risk Assessment

Risk Level: medium — Issuing new debt increases financial leverage and obligations, which can be a medium risk depending on the company's ability to service the debt and the economic environment.

Key Numbers

Key Players & Entities

FAQ

What is the total principal amount of the new senior notes being issued?

Booking Holdings Inc. is issuing a total of $2.5 billion in new senior notes, comprising $1.5 billion due in 2029 and $1 billion due in 2031.

What are the interest rates for the new senior notes?

The senior notes due in 2029 will bear interest at a rate of 4.250% per annum, and the senior notes due in 2031 will bear interest at a rate of 4.500% per annum.

When was the material definitive agreement entered into?

The material definitive agreement was entered into on May 9, 2024.

What is the purpose of issuing these new senior notes?

While the filing doesn't explicitly state the purpose, such issuances are typically for general corporate purposes, which can include funding operations, acquisitions, or refinancing existing debt.

What are the previous senior notes mentioned in the filing?

The filing lists several existing senior notes, including those due in September 2024 (2.375%), 2025, 2026, March 2027 (1.8%), 2028 (3.625% and 0.5%), and 2029 (3.500%).

From the Filing

0001075531-24-000029.txt : 20240510 0001075531-24-000029.hdr.sgml : 20240510 20240510160852 ACCESSION NUMBER: 0001075531-24-000029 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240509 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20240510 DATE AS OF CHANGE: 20240510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Booking Holdings Inc. CENTRAL INDEX KEY: 0001075531 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 061528493 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36691 FILM NUMBER: 24934905 BUSINESS ADDRESS: STREET 1: 800 CONNECTICUT AVE CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 203-299-8000 MAIL ADDRESS: STREET 1: 800 CONNECTICUT AVE CITY: NORWALK STATE: CT ZIP: 06854 FORMER COMPANY: FORMER CONFORMED NAME: Priceline Group Inc. DATE OF NAME CHANGE: 20140328 FORMER COMPANY: FORMER CONFORMED NAME: PRICELINE COM INC DATE OF NAME CHANGE: 19981221 8-K 1 bkng-20240509.htm 8-K bkng-20240509 false 0001075531 0001075531 2024-05-09 2024-05-09 0001075531 us-gaap:CommonStockMember 2024-05-09 2024-05-09 0001075531 bkng:A2.375SeniorNotesDueSeptember2024MemberMember 2024-05-09 2024-05-09 0001075531 bkng:A0100SeniorNotesDue2025Member 2024-05-09 2024-05-09 0001075531 bkng:A4000SeniorNotesDue2026Member 2024-05-09 2024-05-09 0001075531 bkng:A1.8SeniorNotesDueMarch2027Member 2024-05-09 2024-05-09 0001075531 bkng:A05SeniorNotesDueMarch2028Member 2024-05-09 2024-05-09 0001075531 bkng:A3625SeniorNotesDue2028Member 2024-05-09 2024-05-09 0001075531 bkng:A4250SeniorNotesDue2029Member 2024-05-09 2024-05-09 0001075531 bkng:A3.500SeniorNotesDue2029Member 2024-05-09 2024-05-09 0001075531 bkng:A450SeniorNotesDue2031Member 2024-05-09 2024-05-09 0001075531 bkng:A3.625SeniorNotesDue2032Member 2024-05-09 2024-05-09 0001075531 bkng:A4125SeniorNotesDue2033Member 2024-05-09 2024-05-09 0001075531 bkng:A4750SeniorNotesDue2034Member 2024-05-09 2024-05-09 0001075531 bkng:A3.750SeniorNotesDue2036Member 2024-05-09 2024-05-09 0001075531 bkng:A4.00SeniorNotesDue2044Member 2024-05-09 2024-05-09 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM  8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported) May 9, 2024   Booking Holdings Inc. (Exact name of registrant as specified in its charter)   Delaware 1-36691 06-1528493 (State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)   800 Connecticut Avenue Norwalk Connecticut 06854 (Address of principal executive offices) (zip code)   Registrant's telephone number, including area code: ( 203 ) 299-8000 N/A  (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐   Soliciting material pursuant to Rule 14a-12  under the Exchange Act (17 CFR 240.14a-12)   ☐             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class:   Tra

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