Bank of China contributes to EUR 1.455 billion revolving credit facility for TUI AG for working capital purposes (Linked to Record ID#101158)

Project narrative

In May 2023, TUI AG extended the maturity of the existing EUR 1.455 billion revolving credit facility for working capital purposes -- to which Bank of China (BOC) Frankfurt Branch contributed as captured in Record ID#101158 -- by two years until July 2026. Loan terms included a a guarantee provided by TUI AG and its subsidiaries, quarterly utilization fees varying based on outstanding amount of the facility, and a base interest rate of EURIBOR plus margin. The annual margin would start at 4.5% and potentially reduce to as low as 2.5% if the long-term credit rating of TUI AG improved (4.5% for B-/B3 or lower, 3.75% for B/B2, 3.0% for B+/B1, and 2.5% for BB-/Ba3 or higher). The syndicate in the renewed loan consisted of 19 banks rather than 20, as Lloyd's Bank had left the syndicate in July 2022 due to Brexit regulations, at which point the facility amount decreased from EUR 1.535 billion to EUR 1.455 billion as their contribution of EUR 80 million was removed. The remaining 19 banks are as follows: Bank of America Europe Designated Activity Company, Bank of China Frankfurt Branch, Barclays Bank Ireland PLC, BRED Banque Populaire, Citibank N.A. London Branch, Commerzbank AG Filiale Luxemburg, Credit Agricole Corporate and Investment Bank Deutschland, Credit Industriel et Commercial London Branch, Deutsche Bank Luxembourg S.A., DNB Bank ASA, HSBC Trinkaus & Burkhardt AG, Hamburg Commercial Bank AG, ING Bank N.V. London Branch, LBBW, Landesbank Hessen-Thuringen Girozentrale, Natixis, Norddeutsche Landesbanke Girozentrale, Societe Generale S.A., Societe Generale S.A. Frankfurt Branch, and UniCredit Bank AG.