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DGAP-Adhoc: TUI AG: The holders of the Senior Notes due October 2021 have agreed to suspend potential future limitation of TUI's financial indebtedness


DGAP-Ad-hoc: TUI AG / Key word(s): Financing
TUI AG: The holders of the Senior Notes due October 2021 have agreed to suspend potential future limitation of TUI's financial indebtedness

09-Sep-2020 / 15:37 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


The holders of the Senior Notes due October 2021 have agreed to suspend potential future limitation of TUI's financial indebtedness

Hanover, 9 September 2020. Pursuant to the terms of the revolving credit facility between TUI, KfW and a consortium of banks, the additional KfW-tranche granted as part of the EUR 1.2bn support package is subject to a waiver or suspension of a potential future limitation of TUI's financial indebtedness under the EUR 300,000,000 2.125% Senior Notes due 26 October 2021 (the Senior Notes). With the expiry of the voting period of a vote without meeting (Abstimmung ohne Versammlung) pursuant to the German Act on Debt Securities (Schuldverschreibungsgesetz, SchVG) on 8 September at 24:00h CEST the holders of the Senior Notes have given their consent to an according suspension.

Once effective, this results in an increase of the coupon to 9.5% p.a. of the nominal amount of the Senior Notes as of 1 October 2020 and an additional payment of 2.0% of the nominal amount of the Senior Notes per quarter as of 1 April 2021. In addition, TUI AG commits to an early redemption of the Senior Notes (in full or in part) from certain additional funds raised by TUI AG provided that such funds raised by TUI AG amount to at least EUR 150m. Further, the resolution fee increases from EUR 1,000 per EUR 100,000 nominal amount of Senior Notes to EUR 3,000 per EUR 100,000 nominal amount of Senior Notes.

The amendment of terms and conditions of the Senior Notes is expected to become effective in the course of October 2020. With the issuance of a convertible bond (alternatively a bond with warrant) by TUI to the Economic Stabilization Fund (WSF) in the amount of EUR 150m, all funds resulting from the EUR 1.2bn support package as announced by means of an ad-hoc dated 12 August 2020 would, upon fulfilment of all further customary conditions for disbursements, then be readily available to TUI.


ANALYST & INVESTOR ENQUIRIES

Mathias Kiep, Group Director Investor Relations
and Corporate Finance
Tel: +44 (0)1293 645 925/
+49 (0)511 566 1425
   
Nicola Gehrt, Director, Head of Group Investor Relations Tel: +49 (0)511 566 1435

Contacts for Analysts and Investors in UK, Ireland and Americas
Hazel Chung, Senior Investor Relations Manager Tel: +44 (0)1293 645 823
Corvin Martens, Senior Investor Relations Manager Tel: +49 (0)170 566 2321

Contacts for Analysts and Investors in Continental Europe, Middle East and Asia
Ina Klose, Senior Investor Relations Manager Tel: +49 (0)511 566 1318
Media  
Kuzey Alexander Esener, Head of Media Relations Tel: + 49 (0)511 566 6024
 

DISCLAIMER

FORWARD-LOOKING STATEMENTS
This announcement contains a number of statements related to the future development of TUI. These statements are based both on assumptions and estimates. Although we are convinced that these future-related statements are realistic, we cannot guarantee them, for our assumptions involve risks and uncertainties which may give rise to situations in which the actual results differ substantially from the expected ones. The potential reasons for such differences include market fluctuations, the development of world market fluctuations, the development of world market commodity prices, the development of exchange rates or fundamental changes in the economic environment. TUI does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this announcement.


09-Sep-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: TUI AG
Karl-Wiechert-Allee 4
30625 Hannover
Germany
Phone: +49 (0)511 566-1425
Fax: +49 (0)511 566-1096
E-mail: Investor.Relations@tui.com
Internet: www.tuigroup.com
ISIN: DE000TUAG000
WKN: TUAG00
Listed: Regulated Market in Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate Exchange; London
EQS News ID: 1129079

 
End of Announcement DGAP News Service

1129079  09-Sep-2020 CET/CEST

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