Commentary & Deal Flow

eDreams ODIGEO SA (EDRSM) EUR375m 144A/Reg S sr sec notes due 07/15/27 (5.5y). NC2 (01/15/24) (MWC B+50bp), then at 102.75, 101.375, 100. Equity claw: 2y 40% at 105.50. Special call: 10% per year the first 2 years at 103. Caa1/CCC+/B- (negative/positive/stable). 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. Settles 02/02 (T+9). Reg S ISIN: XS2423013742. Px talk: 5.50%-5.75%.

Priced: 5.50% at 100. +580bp vs DBR 0.5% 08/15/27.

Virtual roadshow Mon-Tues (investor call 10am UKT Mon). Books closed at 1:30pm UKT today. 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.