TUI has completed its second rights offering this year.
The gross proceeds amount to around €1.1 billion.
The company share capital will thus be increased nominally by around €524 million euros to just under €1.6 billion.
The proceeds from the capital increase will be used to reduce the drawings on the KfW credit line and the banks’ cash facility (RCF).
During the subscription period from October 8-26, existing shareholders were able to exercise their subscription rights and subscribe to new shares at a ratio of 10:21 for €2.15 per share.
Some 97.7 per cent of the subscription rights were exercised.
As announced, anchor shareholder Unifirm of the Mordashov family exercised the subscription rights in full.
Unifirm also acquired additional shares in the market and part of the unsubscribed shares and increased its stake in TUI AG from 32 per cent to around 33 per cent.
The unsubscribed shares subsequently went in full to qualified investors in a rump placement, part of which went to Unifirm of the Mordashov family.