Commentary & Deal Flow

One Hotels GmbH (Motel One) (ONHOGM) EUR500m 144A/Reg S sr sec notes due 04/02/31 (7y). NC3 (05/10/27) (MWC B+50bp), then at 103.875, 101.938, 100. Equity claw: 3y 40% at 107.75. 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. Pays May 10 and Nov 10, starting 11/10/24. Settles 05/10 (T+6 US). Reg S ISIN: XS82811764120. IPT: 8.00% area. Px talk: 7.75%-8.00%.

Priced: 7.75% at 100.

Roadshow 04/26-30 (investor call at 10am UKT 04/26). Books closed at 1:30pm UKT today. 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.