April 12, 2021
Latham & Watkins LLP advised the syndicate banks on the offering of senior
unsecured convertible bonds of TUI AG excluding the subscription rights of
existing shareholders. The convertible bonds have an aggregate principal
amount of €400 million (following the
exercise of an up-size option by the company) and are due in 2028. The Bonds
will be convertible into new and/or existing no-par value ordinary registered
shares of TUI.
Citigroup Global Markets Europe AG, BofA
Securities Europe SA, Commerzbank Aktiengesellschaft, and Société Générale
acted as Joint Global Coordinators and Joint Bookrunners. Barclays Bank Ireland
PLC, Crédit Agricole Corporate and Investment Bank, Deutsche Bank
Aktiengesellschaft, HSBC, ING Bank N.V., Landesbank Baden-Württemberg, and
UniCredit Bank AG acted as further Joint Bookrunners.
TUI intends to use the successfully placed
bond in particular to initiate the refinancing of loans from the Covid-19 stabilization
Latham & Watkins previously advised the
syndicate banks on TUI AG's capital increase with subscription rights of
approximately €500 million in January, which was part of a comprehensive
Latham’s team was led by Frankfurt capital
markets partner Oliver Seiler and associate Camilla Kehler-Weiss, with support
from associate Alexandre Maturana.