TUI halves five-year notes to €300 million, launches at 4½%, pricing Friday

By Paul A. Harris

Portland, Ore., Sept. 19 – TUI AG reduced the size of its notes offer to €300 million from €600 million, eliminating a proposed tranche of seven-year senior notes as part of the downsizing, a market source said on Friday.

The Rule 144A and Regulation S offer, now comprised entirely of five-year senior notes (B2/B+), launched with a 4½% yield, and is expected to price shortly.

Joint physical bookrunner JPMorgan will bill and deliver. Citigroup and UniCredit are also joint physical bookrunners.

Barclays, BoA Merrill Lynch, Commerzbank, Credit Agricole CIB, DNB Markets, ING, Lloyds, Natixis and SG CIB are joint bookrunners.

The Hannover, Germany-based travel and tourism company plans to use the proceeds to refinance debt and for general corporate purposes.

The deal is in the market in connection with the merger of TUI Travel and TUI AG.

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