Commentary & Deal Flow

One Hotels GmbH (Motel One) EUR500m 144A/Reg S sr sec notes due 2031 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3ys at 103. B3/B-/BB- (positive/stable/stable). Via DB (B&D)/MS jt glocos and jt physical books/Commerz/UniCredit jt books. No reg rights. List ISE. NY law. IPT: 8.00% area.

Px talk: 7.75%-8.00%.

Roadshow 04/26-30 (investor call at 10am UKT 04/26). Books close at 1:30pm UKT today. Pricing today UK afternoon. UOP: along with EUR800m term loan B, and EUR61m in cash, to repay the EUR500m bridge loan incurred to fund the $887m 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.