Watson Farley & Williams ("WFW") has advised TUI Cruises GmbH ("TUI Cruises") on the financial arrangements related to its second bond issuance, including amendments to all its existing ECA-backed and commercial loans required in order to accommodate this second issuance. TUI Cruises announced the pricing of its offering of €223.5m aggregate principle amount of 6.500% senior notes due in 2026 on 21 October 2021. The Notes will be issued at an issue price of 102.25% leading to an implied yield of 5.79%. TUI Cruises will use the proceeds from the offering of the senior notes to repay existing indebtedness. The offering, which was multiple times oversubscribed, is expected to complete on 28 October 2021.