Related Issuers
by Stephen Carter
Nov 19, 2024 11:04 AM ET
TUI Cruises GmbH (TUICRU) EUR375m 144A/Reg S sr notes due 05/15/30 (5.5y). NC2 (11/15/26) (MWC T+50bp), then at 102.50, 101.25,100.00. Equity claw: 2y 40% at 105.00. 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. Pays May 15 and Nov 15, starting 05/15/25 (30/360 day count). Settles 11/27 (T+6). Reg S ISIN: XS2941359288. IPT: 5.25%-5.50%. Price talk: 5.125% area (+/- 12.5bp). Final price talk: 4.875%-5.00%.
Priced: 5.00% at 100. +294.4bp vs DBR 0.0% 02/15/30.
Did investor call at 10:30am UKT 11/18 (1x1s upon request). Books closed at 12:30pm UKT 11/19. Reconfirms were due by 1:15pm UKT 11/19. 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.