TUI AG Successfully Places €487 Million Convertible Bonds

Hanover, 19 July 2024. TUI AG has successfully completed its offering of senior unsecured convertible bonds worth €487 million. The bonds, which are due in 2031, have a denomination of €100,000 per bond and a fixed coupon of 1.95% per annum, payable semi-annually.

TUI intends to use the proceeds to buy back existing convertible bonds and finance the reduction of the KfW credit line from €550 million to approximately €210 million by the first half of 2025. This step will also extend the maturity profile and reduce interest costs.

The conversion price for the bonds was set at €9.60, a 50% premium above the reference share price of €6.40. Investors can convert the bonds into new or existing TUI shares.

BofA Securities, HSBC, Crédit Agricole, COMMERZBANK, and UniCredit acted as Joint Global Coordinators, with Barclays, Natixis, Citigroup, Deutsche Bank, and Société Générale as Joint Bookrunners.