EANS-Adhoc: TUI AG
Impact of the successful Hapag-Lloyd refinancing
transactions on TUI AG
TUI AG issued 100 million euros of private placements
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
financing
02.10.2010
Hanover, 1 October 2010. Hapag-Lloyd today placed approximately 700 million US dollars (equivalent) senior notes in the capital market. In response to the strong investor demand, Hapag-Lloyd increased the originally considered note issue volume of 500 million US dollars by 200 million US dollars. In addition, Hapag-Lloyd entered into a syndicated credit line of 360 million US dollars.
Beforehand, Hapag-Lloyd had terminated the state loan guarantee and thus the payment restrictions imposed by such guarantee ceased to exist. Therefore, Hapag-Lloyd resumes interest and redemption payments on the financing instruments granted by TUI.
TUI expects payments from Hapag-Lloyd of around 65 million euros on deferred interest as well as the 227 million euros redemption payment of the bridge loan at the beginning of November 2010.
In addition, Hapag-Lloyd intends to use a portion of the proceeds of the notes to make a repayment of Hybrid III in the near future subject to compliance with certain contractual liquidity requirements and financial ratios.
Furthermore, as per end of September, TUI has issued 100 million euros of private placements with maturity in August 2014. The envisaged Hapag-Lloyd repayments and the new private placements enhance TUI´s liquidity position.
Some of the information in this press release may contain predictions, expectations or forward-looking statements. These statements may entail known or unknown risks or uncertainties. Actual results and developments may therefore differ materially from the expressed expectations and assumptions. The performance of financial markets, the development of exchange rates, amendments to national and international laws, in particular concerning tax regulations, may also have an impact. Except as provided by law, the Company undertakes no obligation to update forward-looking statements.
The Senior Notes will not be or have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Investor Relations contact:
Björn Beroleit, phone +49 (0) 511 566 1310
Nicola Gehrt, phone +49 (0) 511 566 1435
Media contact:
Uwe Kattwinkel, phone +49 (0) 511 566 1417
Robin Zimmermann, phone +49 (0) 511 566 1488
Branche: Transport
ISIN: DE000TUAG000
WKN: TUAG00
Index: MDAX, CDAX, HDAX, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / regulated dealing
Hamburg / regulated dealing
Stuttgart / regulated dealing
Düsseldorf / regulated dealing
Hannover / regulated dealing
München / regulated dealing
Original content of: TUI AG, transmitted by news aktuell