TUI calls 2.75% convertibles; redemption triggered by stock price

By Marisa Wong

Madison, Wis., Feb. 24 – TUI AG announced it will redeem its 2.75% convertible bonds due 2016 at par plus accrued interest on April 7.

The convertible bonds are redeemable because the company’s stock closed above 130% of the conversion price for at least 20 trading days during the 30-trading-day period beginning on Jan. 13 and ending on Feb. 23.

The last day bondholders can exercise their conversion rights is March 20.

The Hannover, Germany-based travel and tourism company issued the bonds in March 2011.

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