Hengeler Mueller advises banking syndicate on issuance of TUI bond

01. November 2016

Hengeler Mueller has advised the banking syndicate consisting of Commerzbank Aktiengesellschaft, Deutsche Bank AG, London Branch, HSBC Bank plc und Société Générale with respect to the successful issuance of a bond by TUI with a total volume of EUR 300 m. The corporate bond with a maturity of 5 years, a coupon of 2.125% and a yield of 2.250% was several times oversubscribed. The bond uses high yield features such as a financial covenant related to the limitation of indebtedness and it is guaranteed by subsidiaries in multiple jurisdictions. The bond is admitted to trading at the EuroMTF in Luxembourg. The proceeds are used for the refinancing of the outstanding EUR 300 m 4.500% bond issued in 2014 and general corporate purposes.

 

The Hengeler Mueller team includes partner Hendrik Haag, counsel Bianka Bielecke and associate Jochen Schnepper (all Banking and Capital Markets, Frankfurt).