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Freshfields advises TUI on one of the first credit facilities under KfW Special COVID-Programme

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised TUI AG (‘TUI’) on an EUR1.8bn financing provided by the German development bank KfW. Following the approval of the German government on 27 March 2020, the facilities agreement now provides TUI with cash and guarantee facilities in an aggregate amount of EUR 3.55bn.
Freshfields advice comprised all aspects of the legal support necessary to include the new facility in TUI’s existing syndicated facilities agreement. The loan is one of the first credit facilities under the KfW Special Programme 855 which was launched to mitigate the economic effects of the Corona crisis.
TUI is the largest leisure, travel and tourism company in the world and decided to apply for the KfW loan to soften the unprecedented effects of the COVID 19 pandemic on its business. Midst of March, TUI suspended the vast majority of all business operations until further notice, including package travel, cruises and hotel operations due to the Corona virus outbreak and the countermeasures implemented around the world.
The Freshfields team was led by Frankfurt finance partner Frank Laudenklos with the support of Freshfields finance associates Georg Lübbehüsen and Bernd Delahaye.
Additional support was provided by finance partners Mandeep Lotay (Amsterdam) and Deborah Janssens (Brussels) and tax partner Martin Schiessl (Frankfurt) as well as senior lawyer Anouschka Zagorski (Finance, Vienna).