TUI Travel Completes GBP400 Million Convertible Bond Issue Due 2017
20 April 2010 - 7:46PM
Dow Jones News
TUI Travel (TT.LN), a travel company, said Tuesday it has
completed its GBP400 million offering of convertible bonds due
2017, adding proceeds will be used alongside other financing
measures to ensure it is well placed to exploit its strong pipeline
of acquisition opportunities.
MAIN FACTS:
-Proceeds will also be used to extend and diversify its debt
maturity profile and broaden its sources of finance; and reduce the
need to refinance all of the existing bank facilities in the future
(due in June 2012).
-The conversion price has been set at 3.8234 pence per share,
which represents a premium of 33% over the volume weighted average
price of TUI Travel's ordinary shares from launch to pricing.
-The coupon has been set at 4.9% per annum payable semi-annually
in arrear.
-Settlement is expected to occur on or around April 27.
-At 1715 GMT shares up 1 pence, or 0.3%, at 289.2 pence.
-By Elliott Ball, Dow Jones Newswires; 44-20-7842-9314; elliott.ball@dowjones.com
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