Watson Farley & Williams (“WFW”) has advised TUI Cruises GmbH (“TUI Cruises”) on the financial arrangements related to its latest bond issuance.
On 19 November 2024, TUI Cruises issued international bonds with a coupon rate of 5.00% to the amount of €375m maturing in 2030. TUI Cruises will use the proceeds from the offering of the notes to repay existing indebtedness. The successful offering completed on 27 November 2024.
TUI Cruises is a leading German cruise operator with two strong, complementary, award-winning brands: Mein Schiff, specialising in the upper-contemporary/premium segment and Hapag-Lloyd Cruises, the only brand in the DACH region operating in both the luxury and expedition segments. TUI Cruises’ fleet of 12 vessels, with over 20,000 berths, is one of the youngest in the world.
The cross-border WFW team advising TUI Cruises was led by London Assets and Structured Finance Partner Lucy Shtenko who handled the vessel and corporate finance aspects of the bond offering with assistance from Senior Associate Katie Shiels. Partner Frederik Lorenzen and Associate Alexander Piepenbrock in Frankfurt and Partner Philippe Monfort and Associate Maha Sary in Paris provided additional support.
Lucy commented: “It was great to collaborate with WFW colleagues across jurisdictions to advise TUI Cruises on this very important bond issuance. We are delighted by the trust TUI Cruises has placed in us to successfully advise them once again on their existing vessel and corporate financing arrangements in connection with this offering. The transaction highlights WFW’s unrivalled reputation in the maritime sector, particularly within the cruise space”.
