TUI receives Euro 800 million syndicated revolving credit and GBP 345 million bonding facility
| Service |
Hanover, September 19, 2003
TUI signed its refinancing agreement, which it had announced earlier, with Bayerische Hypo- und Vereinsbank AG, Citigroup Global Markets Limited, The Royal Bank of Scotland and WestLB AG as mandated lead arrangers.
The refinancing package includes a 3-year EUR 800 million syndicated revolving credit and a 1.5-year GBP 345 million bonding facility for TUI Northern Europe which incorporates an option for an extension of 1 year. Both facilities were oversubscribed.
The purpose of the syndicated revolving credit is to convert short-term into long-term liabilities. With the bonding facility, TUI complies with requirements of the Civil Aviation Authority for TUI Northern Europe.
For further information please contact:
Björn Beroleit, phone +49 511 566-1310
Nicola Gehrt, phone +49 511 566-1435