April 9 (Reuters) - Holiday company TUI AG said on Friday it was raising 350 million euros ($416.33 million) through an issuance of convertible bonds, after having been bailed out thrice by the German government over the past year.
The COVID-19-hit company said the offering of senior unsecured bonds due 2028 comes with an option to increase the issuance volume to 400 million euros as it attempts to bolster its finances and repay debt.
The world’s largest holiday company secured a third bailout in December, striking a deal with the German government, private investors and banks for an extra 1.8 billion euros to ride out the health crisis. ($1 = 0.8407 euros) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Shailesh Kuber)
Our Standards: The Thomson Reuters Trust Principles.