Related Issuers
by Stephen Carter
Jun 18, 2024 8:06 AM ET
TVL Finance PLC (Travelodge) (TRAVEL) EUR/GBP 144A/Reg S sr sec notes two-part. B3/(existing B-) (positive/--). Via GS (B&D)/JPM jt glocos/Barc jt books. No reg rights. List ISE. NY law.
- EUR250m sr sec FRN due due 2030 (6y). NC1 (par). IPT: E+400-4425bp at par.
- GBP75m add-on to its 10.25% sr sec 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. IPT: 103.75 area (+/- 0.25 points).
Roadshow started 06/17 (investor call at 11am UKT 06/17). Pricing 06/19. UOP: GBP210m to redeem its existing EUR250m sr sec FRN due 2028, GBP67m cash on the B/S for GCP. 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.