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Travelodge (TRAVEL: Snr Secured; B3 Pos/B)(private co)

TRANSPORTATION
  • €250 6NC1 FRN at 3m+375 vs. IPT 3m+400-425
  • £85m tap of 10.25% 28s at 104.25 vs. IPT 103.75a (+/-0.25)
    • Has cheapened -0.5pt since supply tap announced (£330m line), trades at OAS+392/8.3% pricing to par call in 3yr.

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