TT. Tui Travel

German travel and tourism company TUI AG (TUI1.XE) said Tuesday that it agreed with its unit TUI Travel PLC (TT.LN) to adjust the repayment schedule for the shareholder loan granted by TUI.

MAIN FACTS:

-Further repayment is to be continued through the placement of a convertible bond and the raising of additional bank facilities by TUI Travel.

-The residual amount of the loan is about EUR1 billion, due as per 15 January 2011 to date.

-TUI Travel now to repay EUR100 million as per 30 September 2009.

-To repay EUR250 million as per 1 April 2010.

-To repay EUR509 million by 1 December 2010 at the latest.

-To repay EUR160 million as per 30 April 2011.

-Due to the convertible bond to be issued by TUI Travel, TUI intends to purchase a sufficient number of TUI Travel shares to avoid a dilution.

-Should TUI Travel acquire shares in Air Berlin, TUI intends to take over these shares by means of setting them off against the shareholder loan.

 
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500 
 

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