Led by Frankfurt partners Prof. Dr. Michael Schlitt and Dr. Tim Oliver Brandi, global law firm Hogan Lovells advised the Federal Republic of Germany – Finance Agency GmbH (Finance Agency) on the conclusion of an agreement between TUI AG and the Economic Stabilization Fund (“WSF”) on the repayment of stabilization measures as well as their refinancing by means of a capital increase after the implementation of a capital increase.
The repayment agreement regulates the intended complete termination of the stabilization measures granted by the WSF by means of a right of the Company (i) to repayment of the contribution made by the WSF as a silent partner in January 2021 in the nominal amount of currently 420 million Euros (“Silent Participation I”) and (ii) to repurchase the warrant-linked bond 2020/2026 (“Warrant Bond”) issued by the Company to WSF in the remaining amount of 58.7 million Euro as well as the 58,674,899 option rights (“Warrants”) originally attached to the warrant bond. In addition, the Repayment Agreement regulates the implementation of capital measures for the purpose of refinancing the aforementioned measures.
Hogan Lovells team for Federal Republic of Germany – Finance Agency GmbH
Prof Dr Michael Schlitt (Partner), Dr Tim Oliver Brandi (Partner, both lead), Dr Susanne Ries (Of Counsel), Dr Sebastian Biller (Counsel), Christian Schröder (Associate) (all Corporate and Capital Markets Law, Frankfurt).
Inhouse (Finance Agency/Economic Stabilization Fund, Frankfurt): Bernd Giersberg, Dr. Florian Hassner
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