TUI Convertible Successfully Placed
Citigroup, HVB Corporates & Markets and WestLB AG, acting as Joint Lead Managers and Joint Bookrunners to the transaction, have successfully placed a convertible bond on behalf of TUI AG to institutional investors in the issue size of approximately € 385 million. The issue size was increased from an initial € 350 million as the transaction was several times oversubscribed.
The convertible bond has a maturity of five years and will be convertible into 17,803,240 TUI shares. The bond was offered with a coupon of 4.0% and a conversion premium of 47.5% to the reference price of € 14.6433 solely outside the United States, Canada and Japan in accordance with Regulation S. The convertible bond is to be listed on the Luxembourg Stock Exchange, with settlement and closing on or around December 1, 2003.