10/20/2021 TUI Cruises GmbH (TUICRU) EUR223.5m 144A/Reg S add-on to its 6.50% sr notes due 05/15/26 (4.5y). NC1.5 (05/15/23) (MWC B+50bp), then at 103.25, 101.625, 100. Equity claw: 1.5y 40% at 106.50. Caa2/NR/CCC (stable/--/positive). Via JPM (B&D)/BNP jt glocos/Citi/Commerz/CA/DZ/LBBW/UniCredit jt books. No rebg rights. List ISE. NY law. Interest pays May 15 and Nov 15, starting 11/15/21. Settles 10/28 (T+6). Existing Reg S ISIN: XS2342247355. The original EUR300m issue priced 05/06/2021. Px talk: 101.75-102.00. Priced: 6.50% add-on at 102.25, 5.927% YTM. +645bp vs OBL 0% 04/10/26. Roadshow 10/19-20 (investor call at 11am UKT 10/19). Books close at 4pm UKT 10/20. UOP: Repay EUR224m of the EUR388m Tristar loan. Biz: leading European cruise operator focused predominantly on German-speaking customers (Mein Schiff and Hapag Lloyd brands). Tui Cruises is a joint venture between TUI AG (50%) and Royal Caribbean Cruises Ltd (50%). HQ: Hamburg, Germany.