TUI Group signs additional EUR1.2bn financing package with KfW

TUI Group reached (12-Aug-2020) an agreement with the German Government to increase the existing KfW tranche by EUR1.05 billion. The drawing of this amount is subject to the issuance of a convertible bond to the Economic Stabilisation Fund in the amount of EUR150 million and a waiver by the bondholders of the senior notes due in Oct-2021. Both conditions and other formal requirements need to be fulfilled by 30-Sep-2020. The total EUR1.2 billion stabilisation package will further strengthen the company's position and provide sufficient liquidity to cover activity through winter 2020/2021 and into spring 2021. TUI's cash and available facilities amount to EUR2.4 billion, including the additional EUR1.8 billion stabilisation package agreed with KfW earlier in 2020. [more - original PR]