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WFW advises TUI Cruises on financial arrangements for second bond issuance27 October 2021

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Watson Farley & Williams (“WFW”) has advised TUI Cruises GmbH (“TUI Cruises”) on the financial arrangements related to its second bond issuance, including amendments to all its existing ECA-backed and commercial loans required in order to accommodate this second issuance.

TUI Cruises announced the pricing of its offering of €223.5m aggregate principle amount of 6.500% senior notes due in 2026 on 21 October 2021. The Notes will be issued at an issue price of 102.25% leading to an implied yield of 5.79%. TUI Cruises will use the proceeds from the offering of the senior notes to repay existing indebtedness. The offering, which was multiple times oversubscribed, is expected to complete on 28 October 2021.

TUI Cruises is a leading German cruise operator offering cruises in the upper-contemporary/premium, luxury and expedition market segments through two strong, complementary, award-winning brands: Mein Schiff, specialising in the upper-contemporary/premium segment and Hapag-Lloyd Cruises, the only luxury brand in the DACH region operating in both the luxury and expedition segments. TUI Cruises fleet of 12 vessels, with over 19,000 berths, is one of the youngest in the world.

The cross-border WFW team advising TUI Cruises was led by London Assets and Structured Finance Partner Lucy Shtenko who handled the existing loan amendments with assistance from Associate Hollie Pickering. Partner Frederik Lorenzen and Associate Alexander Piepenbrock in Frankfurt and Partner Philippe Wolanski and Julie-Anne Thiebaut in Paris provided additional support.

Lucy comments: “We are delighted to have assisted TUI Cruises on this important transaction. It is great to see the continuing strength of the cruise sector and investor confidence through this successful second bond issuance despite the recent challenges the industry has faced. The WFW team was very pleased to again support TUI Cruises across jurisdictions in implementing the financing amendments needed to facilitate this very important second bond issuance for the company”.


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