TUI extends 2.7 billion euros credit lines with banks until summer 2026 - terms tied to sustainability targets for the first time | TUI Group - One of the world's leading tourism groups

May 25, 2023

TUI extends 2.7 billion euros credit lines with banks until summer 2026 - terms tied to sustainability targets for the first time

IR News

Maturity of the Revolving Credit Facility (RCF) extended in full by two years until July 2026
Reduced KfW credit line as a buffer - return by the end of the term at the latest
Interest rate conditions linked to achievement of the Group's emission reduction targets confirmed by the Science Based Targets Initiative (SBTi)
CFO Mathias Kiep: "The successful extension of our credit lines is a key result of the Group's operational and balance sheet recovery and a vote of confidence in TUI - this lays the basis for profitable growth."

Hanover, 25 May 2023. TUI has successfully extended the maturity of its existing credit lines of 2.7 billion euros by a further two years. The syndicated credit line from the 19 banks (1.65 billion euros) and the credit line from KfW (1.05 billion euros) will now mature in July 2026. The interest conditions of this revolving credit facility (RCF) will in future also be linked to the achievement of the Group's emission reduction targets confirmed by the Science Based Targets Initiative (SBTi). With the review and confirmation of the ambitious emission reduction targets by the SBTi, TUI is setting new standards in the tourism sector.

KfW's credit line, which was reduced to 1.05 billion euros after the successful capital increase, is not to be drawn further and serves only as a buffer. The aim is to return this credit line quickly, but at the latest by the end of the term.

When presenting its figures for the second quarter of the financial year, the Group reported strong bookings for Summer 2023, and demand for travel remains high in all markets. Booking numbers in recent weeks for Summer 2023 are already above pre-crisis levels. TUI CFO Mathias Kiep: "The successful extension of our credit lines is essentially the result of the TUI Group's operational and balance sheet recovery and a vote of confidence in our business model and future strategy. This lays the basis for profitable growth and we remain the industry's pioneer in climate protection. TUI is on its way to former strength."

TUI Group's current credit facilities comprise

The transaction was coordinated by Deutsche Bank, LBBW and UniCredit.

TUI’s emission reduction goals

By 2030, emissions are to be significantly reduced in TUI Airlines (-24 per cent), in the hotel segment (at least -46.2 per cent) and in cruises (-27.5 per cent). Further details can be found here.

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May 25, 2023