Global law firm Freshfields has advised TUI AG on the issuance of Schuldschein loans in an aggregate amount of €250m. The Schuldschein loans are provided by international institutional investors, with Commerzbank, finpair, Helaba und LBBW acting as Joint-Lead-Arrangers. The international group of investors also includes ICBC, Frankfurt Branch, as a co-manager on the transaction.

The Schuldschein loans have tenors of three to five years and include both fixed and floating rate tranches. TUI will use the proceeds from the transaction to repay aircraft leases early and take ownership of the assets, which will further enhance its operational efficiency and improve its financing terms and recurring cash flow.

The Freshfields team was being led by Partner Frank Laudenklos and Principal Associate Dennis Chinnow with support by Associate Alexander Bräuer (all Finance, Frankfurt). The team also included Counsel Wouter Van Der Veken, Principal Associate Reinout Vrielinck and Associate Emma Tielemans (all Finance, Brussels), Head of English Law Finance Anouschka Zagorski (Frankfurt).

Inhouse at TUI AG, the project was led on the legal side by Mark Hoepfner (Senior Legal Counsel).

Freshfields is regularly advising TUI on financing matters, most recently in 2025 on sustainability-linked €1.89bn revolving credit facilities (press release here).