TUI Launches Discounted Share Placing to Reduce Debt
06 Oktober 2021 - 7:59AM
Dow Jones News
By Sabela Ojea
TUI AG said Wednesday that it intends to raise proceeds of
around 1.1 billion euros ($1.28 billion) via a discounted share
placing to reduce its debt position.
The London-listed company said that it is offering 523.5 million
new registered shares at subscription, noting that each share is
priced at EUR2.15. The share price represents a discount to
theoretical ex-rights price of 35.1%.
TUI also said its largest shareholder, Unifirm Ltd., will
exercise all subscription rights attributable to its shareholding
at the subscription price and to subscribe directly for new
shares.
"The company intends to use the net proceeds of the offering to
reduce interest costs and net debt by reducing current drawings,"
it said, noting that its KfW facility would be reduced by EUR375.0
million to zero. Its current drawings under the cash facility would
also be reduced by the remaining net proceeds of EUR724.5 million
to EUR762.0 million, the company said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 06, 2021 01:44 ET (05:44 GMT)
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