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TUI Cruises begins marketing €300 million five-year notes; initial talk high-6% area
By Paul A. Harris
Portland, Ore., April 8 – TUI AG plans to place €300 million of five-year sustainability-linked senior notes (B3//B-), according to market sources.
The deal, which was set to kick off on an investor call during the London morning on Monday, is in the market with initial guidance in the high-6% area.
The notes come with two years of call protection.
JPMorgan is leading the notes’ sale.
The Hamburg, Germany-based cruise line plans to use the proceeds to repay liabilities and to reduce the KfW credit line.
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