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TUI: market frowns on E425m private placement

( - TUI said on Wednesday that it had raised 425 million euros in a private placement to repay government loans granted during the crisis.

The German tourism group said that it has successfully placed some 162.3 million new shares with institutional investors through an accelerated bookbuilding process.

The shares were placed at a unit price of 2.62 euros, i.e. a discount of almost 4% to the closing price of 2.7 euros on the Frankfurt Stock Exchange yesterday.

The deal will also result in a 10% increase in the number of shares in issue.

Analysts point out that the funds will enable the group to repay loans granted during the crisis by the German government and the German development bank KfW.

TUI shares are down over 10% in London on this news.

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