TUI AG Expects EUR200 Million Funds Inflow From Tap Bond Offering

By Joe Hoppe

TUI AG said it has successfully completed its tap offering of convertible bonds and expects a funds inflow of around 200 million euros ($238.5 million).

The German travel operator said its offering had a principal amount of EUR190 million, issued at a price of 105.86% of their original amount, resulting in an inflow of around EUR200 million.

The bonds are due in 2028 and are fully fungible with the EUR400 million bonds issued on April 16.

TUI intends to use the money for refinancing, and in particular to further reduce drawings under the KfW facilities--which are backed by the German state--and toward a subsequent repayment of such facilities.

Citigroup Global Markets Europe AG, Credit Agricole Corporate and Investment Bank, HSBC and UniCredit Bank AG are acting as joint global coordinators and joint bookrunners for the offering.

Write to Joe Hoppe at [e-mail]

(END) Dow Jones Newswires

06-29-21 0114ET