Commentary & Deal Flow

TUI Cruises GmbH (TUICRU) EUR350m (up from EUR300m) 144A/Reg S sr notes due 2029 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. 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. IPT: high 6s. Px talk: 6.50% area. $50m upsize to repay debt.

Final terms: EUR350m at 6.25%.

Roadshow Mon-Tues (investor call at 11:30am UKT Mon). Books closed at 10am UKT today. Reconfirm orders by 11:30am UKT today. Pricing today UK afternoon. 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.