DGAP-Adhoc TUI AG: TUI launches convertible bonds offering
DGAP-Ad-hoc: TUI AG / Key word(s): Bond
TUI launches convertible bonds offering
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The Management Board of TUI AG ("TUI") resolved today, with the consent of the Supervisory Board, to launch an offering (the "Offering") of senior unsecured bonds convertible as per their terms and conditions due 2028 in an aggregate principal amount of approx. € 350 million with the option to increase the issuance volume to € 400 million (the "Bonds"). The Bonds will be convertible into new and/or existing no-par value ordinary registered shares of TUI (the "Shares").
TUI intends to use the proceeds from the Offering to further improve its liquidity position as the Covid-19 crisis continues and subsequently for the repayment of existing financing instruments.
The Bonds with a denomination of € 100,000 per Bond will be issued at 100% of their principal amount. Unless previously converted, redeemed or repurchased and cancelled, the Bonds will be redeemed at their principal amount on 16 April 2028. The Bonds will be offered with a coupon between 4.50% and 5.00% per annum, payable semi-annually in arrears. The initial conversion price will be set at a conversion premium between 25% and 30% above the reference share price (being the volume weighted average price (VWAP) of the Shares on XETRA between launch and pricing of the Offering on 9 April 2021).