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TUI launches €550 million 5.25-year convertible bonds talked to yield 2.75%-3.25% up 25%-30%
By Ronda Fears
Memphis, May 24 - German tourism and shipping concern TUI AG launched early Thursday €550 million of 5.25-year convertible bonds talked to yield 2.75% to 3.25% with an initial conversion premium of 25% to 30%. The issue is scheduled to price after the market close Thursday.
There is an over-allotment option for a further €82.5 million, with a maximum limit on the offering of €715 million.
Citigroup, Deutsche Bank and Unicredit MIB are joint bookrunners of the offering. Deutsche Bank is the stabilizing manager.
The convertible is non-callable. There are no puts.
The issue offers full dividend protection.
TUI intends to use proceeds for general corporate purposes as well as to have the possibility to refinance part of its existing debt.
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