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TUI Travel to raise 440 million pounds

29/09/2009 10:55:00
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British tourism operator TUI Travel yesterday said it planned to raise 440 million pounds to refinance a loan, adding that its winter booking volumes stood lower compared with a year earlier.
TUI Travel said raising the equivalent of 479 million euros or 700 million dollars through the issue of a convertible bond and additional bank facilities would enable the company to refinance a shareholder loan with German parent group TUI.
“As well as refinancing the shareholder loan, the raising of financing will allow us to continue our successful acquisition strategy,” TUI Travel said in a statement.
Yesterday, TUI Travel also announced the creation of a “strategic venture” with Canadian tour operator Sunwing.
TUI Travel added: “Winter 2009/10 booking volumes remain lower than last year, as anticipated.”
TUI Travel was born in late 2007 following the merger of British travel group First Choice and the tourism activities of German travel giant TUI.

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