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Allen & Overy advises tourism group TUI on successful placement of 400 million Euro convertible bond

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Dr Knut Sauer

Partner

Frankfurt am Main

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Schaefer Helge
Dr Helge Schäfer

Partner

Hamburg

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Harald Klett
Harald Klett

Manager PR & Communications

Frankfurt am Main

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09 April 2021

Allen & Overy has advised tourism company TUI AG on convertible bonds successfully placed today. The senior unsecured convertible bonds are due in 2028 and have an aggregate principal amount of 400 million Euro. TUI thereby made use of the option to increase the issuance volume from 350 million Euro to 400 million Euro. The issue met with strong investor demand and was 2-times oversubscribed.

TUI said it was planning to use the proceeds from the successful offering to start the refinancing of loans from the COVID-19 stabilisation packages, adding that even before the offering it had a sufficient liquidity position into the summer 2021.

The team of Allen & Overy was led by partners Dr Knut Sauer (ICM, Frankfurt) and Dr Helge Schaefer (Corporate/M&A, Hamburg) and included partner Dr Hans Diekmann (Corporate/M&A, Dusseldorf) as well as counsel Dr Jonas Wittgens (Corporate/M&A, Hamburg). Partners Stephen Mathews and Michael Bloch (both Corporate/M&A) in London advised on UK law. Senior associate Nadine Kämper (ICM, Frankfurt) as well as associates Martin Kalbhenn (Frankfurt) and Moritz Merkenich (Hamburg, both Corporate/M&A) supported on this transaction.

Allen & Overy advises TUI leading tourism group TUI regularly on projects related to capital markets.