Tui has completed a €1.8 billion capital increase to help repay German state aid received during the pandemic.
The proceeds will be used for repayment of state aid provided by Germany’s WSF economic stabilisation fund and a “significant reduction” in credit received from German state bank KfW.
The fund raising plan was announced in March and will see the European travel group’s share capital increased nominally by around €329 million to around €507 million.
Tui chief executive Sebastian Ebel said: “I would like to thank our shareholders for accompanying us on this important and successful step.
“As announced, we will repay the aid received from the WSF in full, including interest, from the proceeds of the capital increase.
“We are reducing our debt and interest costs, Tui will have a good balance sheet structure.
“Now we focus on profitable growth and improved profitability.”
WSF will receive a total of around €750 million. The group will also repay existing drawings under the credit lines in the amount of around €1 billion.
The KfW credit line of currently €2.1 billion that will then not be drawn will be reduced by the same amount, the company said.