Hanover, 8 April 2020

TUI AG: KfW arrangement signed – banking consortium approves German Federal government bridging loan

KfW and TUI AG confirm the signing of the state aid bridging loan for 1.8 billion euros. The loan had been committed by the German Federal Government on 27 March as part of the COVID-19 state support programme. TUI's current Revolving Credit Facility “RCF” banking consortium supports the KfW loan and the addition of the 1.8 billion euros into TUI's existing RCF credit line. 

Following the international travel restrictions, TUI decided to apply for the KfW loan in order to cushion the unprecedented effects of the pandemic until normal business operations can be resumed. TUI like others had to temporarily suspend its tour operator, flight, hotel and cruise programmes. TUI is a very healthy company that was economically successful before the crisis – it has a strong strategic positioning, structure and substance. The current financial year 2020 had started off with extremely strong bookings.

TUI CEO Fritz Joussen: "Our employees are rightly proud of TUI’s success in recent years and they should continue to be in the future - after this crisis We must bridge this unprecedented global situation. The German Government has acted quickly to support jobs and companies during these exceptional times. We are now preparing intensively for when our operations can resume after the Coronavirus crisis and firmly believe, people will continue to want to travel and explore other countries and cultures in the future.”

About TUI Group

The TUI Group is the world's leading tourism group and operates worldwide. The Group is headquartered in Germany. The TUI share is listed on the FTSE 250, the leading index of the London Stock Exchange, and on the Regulated Unofficial Market in Germany.

The TUI Group offers integrated services from a single source for its 28 million customers, 21 million of whom are in the European national companies. The entire tourism value chain is represented under one roof. This includes over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 15 cruise ships, from the MS Europa and MS Europa 2 in the luxury class and expedition ships to the Mein Schiff fleet of TUI Cruises and cruise ships at Marella Cruises in England. The Group also includes Europe's leading tour operator brands and online marketing platforms, five airlines with more than 100 modern medium and long-haul aircraft and over 1,000 travel agencies. Besides the expansion of its core business with hotels, cruises via successful joint ventures and activities in holiday destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a digital company.

Global responsibility for sustainable economic, ecological and social action is at the core of our corporate culture. With projects in 25 countries, the TUI Care Foundation initiated by TUI focuses on the positive effects of tourism, education and training and the strengthening of environmental and social standards. It thus supports the development of holiday destinations. The globally active TUI Care Foundation initiates projects that create new opportunities for the next generation.