Tour operator TUI AG (LON:TUI) is tapping the debt market for further €350- €400mln of liquidity to see it through the latest phase of the global pandemic, which has decimated international travel.
The proceeds will also be used for the repayment of existing financing instruments, investors were told.
The coupon will pay 4.5-5% per year twice annually. The conversion price for the debt will be at a 25-30% premium to the volume-weighted average share price between the launch and pricing of the offer, investors were told.
The stock opened 5.5% lower.