Commentary & Deal Flow

eDreams ODIGEO SA (EDRSM) EUR375m 144A/Reg S sr sec notes due 2027 (5.5y). NC2 (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2ys at 103. (Existing Caa1)/CCC+ (--/positive, revised from negative). Via DB (B&D)/Barc/Santander jt glocos/BBVA/SocGen/MS jt books, Caixa as co-lead manager. No reg rights. List Lux. NY law. Virtual roadshow Mon-Tues (investor call Mon 10am UKT). UOP: along with the capital increase (On 0/12 eDreams placed EUR75m shares (8.824m share at EUR8.50)), to repay its EUR450m 5.50% sr sec notes due 09/01/23 (callable at 101.375), and GCP. Biz: a leading online subscription company focused on travel. HQ: Madrid, Spain.