TUI Cruises GmbH’s €223.5 Million Senior Notes Offer

In UK Watson Farley & Williams, advised on the matter.

Watson Farley & Williams advised TUI Cruises GmbH with a team including Lucy Shtenko (Picture – Debt Capital Markets).

TUI Cruises GmbH signed 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 (Picture) who handled the existing loan amendedments 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.

Involved fees earner: Frederik Lorenzen – Watson Farley & Williams; Hollie Pickering – Watson Farley & Williams; Alexander Piepenbrock – Watson Farley & Williams; Lucy Shtenko – Watson Farley & Williams; Julie-Anne Thiebaut – Watson Farley & Williams; Philippe Wolanski – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: TUI Cruises GmbH;

Author: Giulia Di Palma