Tourexpi
CFO Mathias Kiep: "The successful extension of our credit lines is
a key result of the Group's operational and balance sheet recovery and a vote
of confidence in TUI - this lays the basis for profitable growth."
TUI has successfully extended the maturity of its existing credit lines
of 2.7 billion euros by a further two years. The syndicated credit line from
the 19 banks (1.65 billion euros) and the credit line from KfW (1.05 billion
euros) will now mature in July 2026. The interest conditions of this revolving
credit facility (RCF) will in future also be linked to the achievement of the
Group's emission reduction targets confirmed by the Science Based Targets
Initiative (SBTi). With the review and confirmation of the ambitious emission
reduction targets by the SBTi, TUI is setting new standards in the tourism
sector.
KfW's credit line, which was reduced to 1.05 billion euros after the
successful capital increase, is not to be drawn further and serves only as a
buffer. The aim is to return this credit line quickly, but at the latest by the
end of the term.
When presenting its figures for the second quarter of the financial
year, the Group reported strong bookings for Summer 2023, and demand for travel
remains high in all markets. Booking numbers in recent weeks for Summer 2023
are already above pre-crisis levels. TUI CFO Mathias Kiep: "The successful
extension of our credit lines is essentially the result of the TUI Group's
operational and balance sheet recovery and a vote of confidence in our business
model and future strategy. This lays the basis for profitable growth and we
remain the industry's pioneer in climate protection. TUI is on its way to
former strength."
TUI Group's current credit facilities comprise
-
1.65 billion euros credit line from 19 private
banks (incl. 190 million euros guarantee line)
-
1.05 billion euros KfW credit line from the Corona
stabilisation package
The transaction was coordinated by Deutsche Bank, LBBW and UniCredit.
TUI’s emission reduction goals
By 2030, emissions are to be significantly reduced in TUI Airlines (-24
per cent), in the hotel segment (at least -46.2 per cent) and in cruises (-27.5
per cent).
Image Credit: © TUI
Group
The most interesting news
UN General Assembly Hosts Tourism for Sustainable Development Event
The United Nations General Assembly has held a second thematic event focused on tourism and the sector’s critical role in critical role of tourism in advancing sustainable development and resilience.
Kempinski Expands in China’s Jiangsu Province with a Duo of Waterfront Escapes in Yangzhou
Kempinski Group to debut Bristoria brand in China alongside an ultra-luxury lakeside Kempinski hotel in Yangzhou Economic Development Zone.
Fairfield by Marriott Celebrates 50th Hotel Opening Milestone in Greater China
Opening of Fairfield by Marriott Chengdu High-Tech Zone.
Caption by Hyatt Zhongshan Park Shanghai Opens Its Doors
New select-service lifestyle hotel marks the Asia-Pacific debut of the Caption by Hyatt brand.
Hamad International Airport Recognised as the World's Best Airport
The gateway to Qatar was also named 'World's Best Airport Shopping' for the second time in a row, and "Best Airport in the Middle East" for the tenth consecutive year.
Türkiye targets $60B in tourism revenue with 60M tourists in 2024
Tourism investments reach approximately $90B, with tourism employees increasing to 1.5M, says chairman of Turkish travel association.
The Bentley Hotel Southampton Expected to Join JdV by Hyatt Brand in mid-2024
The all-suite retreat located at the gateway of the Hamptons is now available via Hyatt.com and is expected to join the JdV by Hyatt brand in mid-2024 following renovation completion.
Princess Cruises and Fincantieri Announce to Postpone Delivery of Star Princess
Princess Cruises and ship builder Fincantieri today announced the mutual decision to postpone the delivery of the next Sphere Class ship, Star Princess.
UN Tourism and Hotelschool The Hague to Drive Innovation in Hospitality
UN Tourism and Hotelschool The Hague, have agreed to partner around the development and execution of pioneering projects in the hospitality industry.
TUI Musement powering loveholidays Tours & Activities offering
New Offering: Thousands of excursions, activities and attraction tickets now directly available to loveholidays customers.
Marriott International Celebrates Milestone on Journey Towards Net-Zero
Marriott International, Inc. (Nasdaq: MAR) has verified its near and long-term science-based emissions reduction targets with the Science Based Targets initiative (SBTi).
'Nature Positive' Report Marks New Collaborative Era in Travel & Tourism
WTTC, UN Tourism and the Sustainable Hospitality Alliance join forces to support Nature Positive Tourism.
Istanbul sees 27,1M passengers flying from 2 airports in Q1 of 2024
Number of passengers hosted in Istanbul Airport, Sabiha Gokcen Airport soars 13% in January-March.
CLIA Announces 2024 Hall of Fame Cruise Industry Award Winners
Cruise Lines International Association (CLIA) has announced the 2024 CLIA Hall of Fame Cruise Industry Award winners.
Six Senses Kyoto Debuts in Japan, Taking Guests on a Sensory Journey of Reconnection
Six Senses Kyoto opens its doors today, marking the brand’s entry into Japan and an exciting new addition to its flourishing urban collection.
Lufthansa City Airlines starts ticket sales in April and flight operations in June
Flights bookable from April 24, 2024.
Jean-Michel Jarre is world's first passenger to take off in KleinVision's flying AirCar
Godfather of electronic music and innovator Jean-Michel Jarre becomes world's first passenger to take off in KleinVision's flying AirCar in preparation for Starmus Opening Concert also Featuring Sir Brian May of Queen.
Turkish aviation sector grows with investments
Average number of daily flights soar by 16% in 2023, highest increase in Europe.
Dusit Thani Bangkok rewards early-bird bookers with exclusive perks ahead of its September reopening
Dusit’s iconic flagship hotel celebrates its return with special reopening offer starting 1 May 2024 – only on dusit.com.
Lufthansa, Eurowings, Austrian Airlines and Brussels Airlines say Yes to Europe
Joint initiative for the European elections: Taking a stand - strengthening democracy.
First brand-new Condor A320neo arrives in Frankfurt
Welcome D-ANCZ: The first brand-new A320neo aircraft is expected to arrive in Frankfurt at around 4 p.m. today.