04/10/2024 TUI Cruises GmbH (TUICRU) EUR350m (up from EUR300m) 144A/Reg S sr notes due 04/15/29 (5y). NC2 (MWC T+50bp), then at 103.125, 101.563, 100. Equity claw: 2y 40% at 106.25. B3/B/B- (positive/stable/positive). Via JPM (B&D) sole physical books/Commerz jt glocos/BNP/Citi/CA/DZ/LBBW/UniCredit jt books, Helaba, SMBC Nikko as co-managers. No reg rights. List ISE. NY law. Settles 04/24 (T+10). Reg S ISIN: 280459950. IPT: high 6s. Px talk: 6.50% area. $50m upsize to repay debt. Final terms: EUR350m at 6.25%. Priced: 6.25% at 100. +387bp vs OBL 2.1% 04/12/29.
Roadshow 04/08-09 (investor call at 11:30am UKT 04/08). Books closed at 10am UKT 04/10. Reconfirms were due by 11:30am UKT 04/10. UOP: along with EUR44m cash on hand, to refinance a portion of KfW debt (EUR62m, repay ECA debt deferral (EUR177m), and repay a portion (EUR97m) of the term loan I (EUR50m upsize to repay debt). Biz: leading German cruise operator (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.