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TUI Cruises hires banks for 300 mln euro 5-year bond - lead manager

Yoruk Bahceli
·1 min read

By Yoruk Bahceli

May 4 (Reuters) - TUI Cruises has hired banks to sell a 300 million euro, five-year bond on Tuesday that will fund cash on its balance sheet, according to a lead manager memo seen by Reuters.

Initial price thoughts on the bond, which the issuer can call after two years, are in the area of 7%, according to the memo.

The borrower, which is 50% owned by holiday company TUI AG and Royal Caribbean Group each, will hold a global investor call at 1100 GMT on Tuesday and will be available for virtual investor meetings through Thursday, the memo said.

TUI itself was last in the bond market in April, when it issued 400 million euros of convertible bonds.

TUI Cruises hired JP Morgan and BNP Paribas to lead the sale, alongside Citi, Commerzbank , Credit Agricole, DZ Bank and UniCredit for the sale, according to the memo. (Reporting by Yoruk Bahceli, Editing by Abhinav Ramnarayan)