Commentary & Deal Flow

TUI Cruises GmbH (TUICRU) EUR300m 144A/Reg S sr notes due 2029 (5y). NC2 (50%,25%,par). B3/(existing NR/CCC+) (positive/--/--). Via JPM (B&D) sole physical books/Commerz jt glocos/BNP/Citi/CA/DZ/LBBW/UniCredit jt books. List ISE. No reg rights.

IPT: high 6s.

Roadshow today-tomorrow (investor call at 11:30am UKT today). Pricing Weds. UOP: along with cash on hand, to refinance a portion of KfW debt, repay ECA debt deferral, and repay a portion of the term loan I. 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.

   Today Moody's upgraded the corporate family rating to B1 from B2 and existing sr notes to B3 from Caa1.