FRANKFURT, (Reuters) – TUI has announced a capital rise to repay elements of a German bailout it received at the height of the COVID-19 pandemic.

Based on Tuesday’s closing prices of 2.89 euro per share, the company could issue 162,291,441 shares. This would yield proceeds in excess of 469 million Euros ($494 Million).

TUI indicated that the company would make use of both existing and future cash resources in order to pay the 2nd installment of the so-called silent participation by the German government, amounting to 671 million Euros.

TUI stated that it will reduce the outstanding credit lines of KfW, a state lender, by 336 millions euros to 2.1 million.

TUI stated that, “As such, in addition the KfW credit lines, the remaining government financing…for TUI will consist of the approximately 59million euro bonds with warrants convertible into shares and Silent Participation I also convertible into shares of 420 millions euros.”

Germany’s TUI took out loans in excess of 4 billion euro and was rescued multiple times by Germany after COVID-19 banned holidays from 2020 through 2021.

($1 = 0.9495 euros)