Law firm, Watson Farley & Williams (WFW) has advised TUI Cruises on the financial arrangements related to its latest bond issuance.
On 19th November, 2024, TUI Cruises issued international bonds with a coupon rate of 5% to the amount of €375 mill maturing in 2030.
TUI Cruises will use the proceeds from the offering to repay existing debt. The successful offering was completed on 27th November, 2024.
TUI Cruises is a leading German cruise operator with two complementary 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 world’s youngest.
The cross-border WFW team advising TUI Cruises was led by London Assets and Structured Finance Partner Lucy Shtenko (pictured) 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.
Shtenko 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,” she said.
