Tourexpi
TUI extends 2.7 billion euros credit lines with banks until summer 2026
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
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