TUI Group announced that it has successfully extended the maturity of its existing credit lines of 2.7 billion euros by a further two years.

Of note, the interest conditions of this revolving credit facility (RCF) will in future also be linked to the achievement of the Group’s emission reduction targets confirmed by the Science Based Targets Initiative (SBTi).

TUI, which operates the TUI Cruises, Marella Cruises and Hapag-Lloyd Cruises brands, said it intends to reduce cruise emissions by 27.5 percent by 2030.

With the review and confirmation of the ambitious emission reduction targets by the SBTi, TUI is setting new standards in the tourism sector, the company said.

KfW’s credit line, which was reduced to 1.05 billion euros after the successful capital increase, is not to be drawn further and serves only as a buffer. The aim is to return this credit line quickly, but at the latest by the end of the term, TUI said.

TUI CFO Mathias Kiep said: “The successful extension of our credit lines is essentially the result of the TUI Group’s operational and balance sheet recovery and a vote of confidence in our business model and future strategy. This lays the basis for profitable growth and we remain the industry’s pioneer in climate protection. TUI is on its way to former strength.”