Commentary & Deal Flow

TVL Finance PLC (Travelodge) (TRAVEL) EUR/GBP 144A/Reg S sr sec notes two-part. Expect B3/B-. Via GS (B&D)/JPM jt glocos/Barc jt books. No reg rights. List ISE. NY law.

   - EUR250m FRN due due 2030 (6y). NC1 (par).

    - GBP75m add-on to its 10.25% fixed rate notes due 04/28/28 (4y). NC1 (04/28/25) (MWC G+50bp), then at 105.125, 102.5625, 100. Equity claw: 1y 40% at 110.25. Special call: 10% per year the first 2 years at 103. the original GBP330m issue priced 04/21/23.

Roadshow starts today (investor call at 11am UKT today). UOP: redeem its existing FRN, cash on the B/S. Equity sponsor: GoldenTree. Biz: a budget hotel chain, and the second largest hotel brand in the UK based on number of hotels and number of rooms operated. HQ: Thame, UK.