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Hanover (dpa) - The travel company Tui wants to get even more money from investors after being rescued by the state in the Corona crisis.
The company wants to place a convertible bond in the amount of around 350 million euros with investors, Tui announced in Hanover.
Possibly the volume will be increased to 400 million.
The news was badly received on the stock exchange: The price of the Tui share has meanwhile dropped by almost seven percent.
The collapse in travel demand in the corona pandemic had brought Tui into existential difficulties.
The state and private investors saved the group with financial injections.
Before an additional capital increase of 500 million euros in January 2021, the support from three rescue packages with loans, guarantees, bonds and capital contributions already totaled 4.8 billion euros.
In addition, the federal government may take over up to a quarter of the Tui shares.
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According to Tui, the board of directors and the supervisory board want to use the convertible bond to increase the Group's liquidity because the corona crisis continues with international travel restrictions.
Later, the group wants to use the money to repay other liabilities.
Industry expert Rebecca Lane from the Jefferies analysis company rated the move as very short-term and inadequate.
The convertible bond ensures Tui additional solvency for just over an additional month.
Overall, the group's money should last about six months - if you exclude customer refund claims, she estimates.
The convertible bond should run until April 16, 2028 and can be converted into new shares of the Tui Group at a premium of between 25 and 30 percent.
The interest rate should be 4.5 to 5 percent.
© dpa-infocom, dpa: 210409-99-138747 / 2