EARLY REDEMPTION OF CONVERTIBLE BONDS
TUI Travel Limited announces the early and complete redemption of the 4.90 per cent. £400,000,000 Convertible Bonds Due 2017 (ISIN XS0503743949) (“the Bonds”) pursuant to condition 7(b)(i) of the terms and conditions of the Bonds (“the Conditions”). TUI Travel Limited has exercised its right to redeem the Bonds on the basis that the Parity Value (as defined in the Conditions) on each of at least 20 dealing days in any period of 30 consecutive dealing days ending not earlier than 14 days prior to the date of the redemption notice, exceeded 130 per cent. of the principal amount of a Bond.
The last day on which conversion rights may be exercised by bondholders is 10 April 2015. To the extent bondholders do not exercise their conversion rights, the principal amount of the Bonds (together with accrued but unpaid interest to such date) will be paid on the date of early redemption in accordance with the Conditions. The date of the early redemption is 17 April 2015.