Commentary & Deal Flow

TVL Finance PLC (Travelodge) (TRAVEL) EUR/GBP 144A/Reg S sr sec notes two-part. B3/B- (positive/stable). Via GS (B&D)/JPM jt glocos/Barc jt books, manager CIC. No reg rights. List ISE. NY law. Settles 06/27 (T+6).

- EUR250m sr sec FRN due due 06/30/30 (6y). NC1 (06/30/25) (MWC B+50bp), then at 100. Reg S ISIN: XS2845183495. IPT: E+400-425bp at par. Px talk: E+375-400bp at par. Final terms: EUR250m E+375bp at par. Priced: 3mE+375bp (0% floor) at 100.

- GBP85m (up from 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 during the non call period at 103. Will be fungible with the original GBP330m issue priced 04/21/23. IPT: 103.75 area (+/- 0.25 points). Px talk: 104.00-104.25. GBP10m upsize to fund cash on the B/S. Final terms: GBP85m at 104.25%. Priced: 10.25% add-on at 104.25, 8.910% YTM. +481p vs UKT 4.50% 06/07/28.

Roadshow started 06/17 (investor call at 11am UKT 06/17). Books closed at 2pm UKT 06/19. UOP: GBP210m to redeem its existing EUR250m sr sec FRN due 04/28/28 (callable at 100), GBP81m (up from GBP71m) cash on the B/S for GCP (GBP10m upsize to fund 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.