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by Stephen Carter
Nov 19, 2024 9:51 AM ET
TUI Cruises GmbH (TUICRU) EUR375m 144A/Reg S sr notes due May 2030 (5.5y). NC2 (MWC T+50bp) (50%,25%,par). Special call: 10% per year, the first 2 years at 103. B2/B+/B+ (stable/stable/stable). Via BNP (B&D)/JPM jt physical books/Citi/Commerz/CA/DZ/LBBW/UniCredit jt books, Helaba, SMBC Nikko as co-managers. No reg rights. List ISE. NY law. CoC at 101. 30/360 day count. IPT: 5.25%-5.50%. Price talk: 5.125% area (+/- 12.5bp).
Final price talk: 4.875%-5.00%.
Did investor call at 10:30am UKT 11/18 (1x1s upon request). Books closed at 12:30pm UKT 11/19. Reconfirm by 1:15pm UKT 11/19. Pricing 11/19 UK afternoon. UOP: along with EUR14m cash on hand, partially redeem EUR375m of if its EUR473.5m 6.50% sr notes due 05/15/26 (callable at 101.625). Biz: leading German cruise operator (Mein Schiff and Hapag Lloyd brands). TUI Cruises is a joint venture between TUI AG (50%) and Royal Caribbean Cruises Ltd (50%). HQ: Hamburg, Germany.
Deal Roadshow: https://dealroadshow.com/e/TUICRUISES24. GIC registration: https://evercall.co/oacc/19759.