TUI Group plans to raise €350 million in fresh funding

Published on : Tuesday, April 13, 2021

TUI Group has recently revealed plans to raise at least €350 million in fresh funding as the company seeks to fight against the ongoing devastating impact from the COVID-19 pandemic. The new senior unsecured bonds will fall due in 2028.


TUI is aiming to use the cash to further improve its liquidity position as the COVID-19 crisis continues and subsequently for the repayment of existing financing instruments. The company said the offering could go as high as €400 million. The bonds, with a denomination of €100,000 each, will be issued at 100 per cent of their principal amount. The bonds will be redeemed at their principal amount on April 16, 2028 unless previously converted, redeemed or repurchased and cancelled.

The bonds will also be offered with a coupon between 4.5 and five per cent per annum, payable semi-annually in arrears. It will be offered by way of an accelerated book-building to institutional investors outside the United States of America, Australia, Japan and South Africa. Settlement is expected to take place on or around April 16.


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