Tourexpi
TUI AG: Successful placement of a 487 million euros convertible bonds
Sebastian
Ebel, CEO of TUI Group: “The successful placement of the convertible bonds
shows that investors and the capital market trust and support our strategy. The
transformation is underway, we are expanding our product offering and
digitalisation and continue to focus on profitable growth. With the issue
completed today, we are taking another step towards a sustainable strengthening
of our capital structure.”
TUI
intends to make an offer to buy back the existing convertible bonds and to
finance this offer with the proceeds. At the same time, the Offering
constitutes the final step towards the refinancing of the KfW credit line now
further reducing it, as contractually agreed, from the current 550 million
euros to c. 210 million euros and handing back the remainder in the first half
of calendar year 2025. In addition, the maturity profile will be extended, and
interest costs will be significantly reduced.
Unless
previously converted, repaid or repurchased and cancelled, the convertible
bonds will be redeemed at their nominal amount on 26 July 2031. Investors also
have the option to convert the convertible bonds into new and/or existing
shares of TUI. The initial conversion price has been set at 9.60 euros, which
corresponds to a conversion premium of 50% above the reference share price of
6.40 euros.
BofA
Securities Europe SA, HSBC Continental Europe S.A., Crédit Agricole Corporate
and Investment Bank, COMMERZBANK Aktiengesellschaft and UniCredit Bank GmbH are
acting as Joint Global Coordinators for the offering of the convertible bonds
and Joint Dealer Managers for the tender offer of existing convertible bonds.
Together with the Joint Global Coordinators, Barclays Bank Ireland PLC,
Natixis, Citigroup Global Markets Europe AG, Deutsche Bank AG and Société
Générale are acting as Joint Bookrunners.
Image
Credit: © TUI Group
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