Commentary & Deal Flow

 S&P rates One Hotels GmbH (Motel One) EUR800m term loan B (EUR100m revolver) and EUR500m sr sec notes B- (stable). The term loan B is currently in the market via DB/MS/Commerz/UniCredit, meetings 04/23-24, commitments due 05/02. The sr sec notes are expected to follow. UOP: along wiht EUR76m in cash, to repay the bridge loan incurred to fund the cash portion of the repurchase of the 35% minority interest in One Hotels held by Proprium Capital Partners for EUR1.25bn (EUR887m cash and EUR363m sub pIK loan), and repay a EUR438m private loan borrowed by Mr Dieter Muller. One Hotels is privately owned by Dieter Muller and family. Biz: The Holdco of Motel One GmbH, a hotel operator with a growing market position within its niche "affordable design" segment in Europe. HQ: Munich, Germany.