Vertically integrated tour operator TUI Group is looking to shore up its finances again by raising €1.1 billion.
The funds will be used to pay down debt, including a government loan.
"The offering will enable us to take a significant step forward, increasing our ability to take advantage of the business opportunities resulting from the easing of Covid-19 restrictions. It will provide us with a capital structure more appropriate for more normal operating conditions,” said CEO Fritz Joussen.
The capital raise comes as the holiday giant reported an improvement in bookings in some of its key markets.
Bookings in Germany and the Netherlands have actually been ahead of 2019 levels in recent weeks. On the back of better trading, TUI thinks that summer 2022 volumes will likely be close to normal levels.