Booking Holdings Inc. announced that it has completed the issuance of US$750 million aggregate principal amount of 5.375% senior notes due 2036. The transaction was executed pursuant to an underwriting agreement signed on Monday, with Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC acting as representatives of the underwriting group.

According to filings submitted by the company to the US Securities and Exchange Commission, the senior notes will mature on May 7, 2036, unless earlier redeemed or repurchased. Interest on the notes will be paid semiannually at an annual rate of 5.375%. The senior notes constitute Booking Holdings’ general senior unsecured obligations and rank equally with the company’s other senior unsecured debt obligations. The company’s strong financial condition is reflected in its impressive operating metrics, including a gross margin of 87% and return on assets of 22.4% over the past twelve months. With US$27.7 billion in revenue and US$10.4 billion in EBITDA, Booking Holdings continues to maintain a leading position within the hotel, restaurant, and leisure industries.

Prior to February 7, 2036 — three months before maturity — Booking Holdings may choose to redeem some or all of the senior notes at a redemption price equal to the greater of: 100% of the principal amount of the notes, or the sum of the present value of remaining scheduled payments discounted at the Treasury rate plus 15 basis points, with accrued and unpaid interest added in both cases. On or after February 7, 2036, the company may redeem the notes at par value plus accrued and unpaid interest.

The indenture governing the senior notes contains customary events of default provisions, including failure to make timely payments, breaches of certain covenant obligations, acceleration of other indebtedness, and specified bankruptcy or insolvency events. If a bankruptcy or insolvency event triggers default, all amounts payable under the senior notes will automatically become immediately due and payable. For other default events, the trustee or holders representing at least 25% of outstanding notes may declare the notes immediately due and demand repayment.

In other recent developments, Booking Holdings reported fiscal 2026 first-quarter earnings, with results impacted by geopolitical tensions. Middle East conflicts disrupted certain travel routes and led to an increase in booking cancellations. Nevertheless, booking volumes and revenue both met or exceeded market expectations, while adjusted EBITDA exceeded consensus forecasts by 3%, according to analysis from BMO Capital Markets.

Market Analysis：

Several institutions, including RBC Capital Markets, have lowered their target prices for Booking Holdings, citing macroeconomic headwinds while acknowledging the impact of geopolitical disruptions. The travel industry experienced significant pressure during March and April, and analysts expect those effects to continue into the next quarter. These developments reflect the broader challenges Booking Holdings faces amid ongoing geopolitical instability.