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Allen & Overy advises TUI on successful upsizing of April convertible bonds through almost 190 million euros

Allen & Overy has advised global leading listed tourism group TUI AG on its successful tap offering of convertible bonds with an aggregate principal amount of c. 190 million euros.

The new bonds will be convertible into new and/or existing no-par value ordinary registered shares of TUI and be fully fungible with the 400 million euros convertible bonds issued on 16 April 2021.

TUI has stated that it intends to use the proceeds from the new convertible bonds for refinancing, in particular to further reduce drawings under the KfW facilities and towards a subsequent repayment of such facilities.

The Allen & Overy team was led by partner Dr Knut Sauer (Corporate/ECM, Frankfurt) and comprised partners Dr Hans Diekmann (Dusseldorf) and Dr Helge Schäfer (Hamburg), as well as counsel Dr Jonas Wittgens (Hamburg, all Corporate/M&A). Senior associates Nadine Kämper (Corporate/ECM, Frankfurt) and Dorothée Kupiek (Corporate/M&A, Dusseldorf), and associate Martin Kalbhenn (Corporate/ECM, Frankfurt) were also part of the project team. Partner Michael Bloch and senior associate Hannah Brown (both Corporate/M&A, London) advised on English law issues.