Thomas Cook in €1.7 billion financing deal

Agreement consists of extending financing until May 2015

Thomas Cook Group has managed to secure a new refinancing package worth €1.7 billion until 31 May 2015. It has also completed its strategic review. The deal with lenders consists of extending the terms of an amortising term loan, a revolving credit facility, a liquidity facility agreed in November 2011 and a bonding and guarantee facility. Also, as part of the deal, the group’s financial covenants have been revised and it has no fixed repayments. The group will now focus on reducing its debt by 2015.
Sam Weihagen, the group’s chief executive: “We continue to make good progress in strengthening the group’s financial position, and our disposal plans, including an aircraft sale and leaseback, are proceeding well. These actions are an important step in the journey to strengthen confidence.”
TTG Digital
[pictured: Zakynthos, Greece]

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