At today’s meeting, the Executive Board of TUI AG has resolved to exercise its issuer call right under its EUR 300 million perpetual subordinated bonds (“Hybrid Bond”) with a current interest remuneration of 7.353%. It is TUI AG’s intention to cancel and repay the entire Hybrid Bond at nominal value plus accrued interest remuneration with effect as per 30 April 2015.
The resolution was taken in the light of the recent conversions under TUI AG’s EUR 339 million 2011/2016 (ISIN DE000TUAG158) convertible bond. As per 20 March 2015, convertible bonds with a nominal value of EUR 336.6 million have been converted into new TUI AG shares.
The repayment of the Hybrid Bond will simplify the capital structure and enhances economic key figures of the TUI Group. Due to the significant reduction in repayment obligations caused by the conversions under TUI AG’s 2011/2016 convertible bonds, TUI’s liquidity situation readily allows to fund the repayment of the Hybrid Bond.
TUI’s long-term debt structure includes a revolving credit facility totalling EUR 1.75 billion which matures in June 2018, as well as a high yield bond of EUR 300 million which matures in October 2019.
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