Hanover, 25 May 2023

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

  • 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."

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

- 1.65 billion euros credit line from 19 private banks (incl. 190 million euros guarantee line)

- 1.05 billion euros KfW credit line from the Corona stabilisation package

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).

About TUI Group

TUI Group is a leading global tourism group and operates worldwide. The Group is headquartered in Germany. TUI shares are listed on the FTSE 250, an index of the London Stock Exchange, on the regulated market of the Hanover Stock Exchange and on the Open Market segment of the Frankfurt Stock Exchange. The TUI Group offers integrated services from a single source for its 21 million customers.

The entire tourism value chain is covered under one roof. This includes over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 16 cruise ships, from the MS Europa and the 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 Great Britain. The Group also includes leading tour operator brands and online marketing platforms across Europe, five airlines with more than 130 modern medium and long-haul aircraft and around 1,200 travel agencies. In addition to expanding 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. The TUI Care Foundation, initiated by TUI, focuses on the positive effects of tourism, on education and training and on strengthening environmental and social standards with projects in 25 countries. It thus supports holiday destinations in their development.

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