White & Case advises bank syndicate on TUI’s convertible bond and repurchase offer

Global law firm White & Case LLP has advised a bank syndicate, led by joint global coordinators and joint bookrunners BofA Securities Europe SA, HSBC Continental Europe S.A., Crédit Agricole Corporate and Investment Bank, COMMERZBANK Aktiengesellschaft and UniCredit Bank GmbH, on TUI’s issuance of senior unsecured convertible bonds.

Barclays Bank Ireland PLC, Natixis, Citigroup Global Markets Europe AG, Deutsche Bank AG and Société Générale acted as further joint bookrunners. The convertible bonds with an aggregate principal amount of €487 million are due in 2031 and will be convertible into new and/or existing no-par value ordinary registered TUI shares.

In addition, White & Case advised BofA Securities Europe SA, HSBC Continental Europe S.A., Crédit Agricole Corporate and Investment Bank, COMMERZBANK Aktiengesellschaft and UniCredit Bank GmbH as joint dealer managers on a cash tender offer for TUI’s existing senior unsecured convertible bond due 2028. The tender offer will be financed with the proceeds from the issuance of the new senior unsecured convertible bond.

The offering is TUI’s final step in refinancing the KfW credit line, which will now be further reduced from the current €550 million to around €210 million as contractually agreed. The remainder will be repaid in the first half of 2025.

The White & Case team in Frankfurt that advised on the transaction was led by partner Oliver Seiler and counsel Camilla Kehler-Weiss and included partner Rebecca Emory and associate Alexandre Maturana.

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