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Thomas Cook secures £1.4bn refinancing package

THOMAS COOK has agreed a new financing package with its lenders which gives the company another three years to pay off its debts.

The £1.4bn refinancing package extends the maturity of its financing until 31 May 2015.

The existing facilities of £1.4bn comprise a £150m amortising term loan, an £850m revolving credit facility, a £200m liquidity facility agreed in November 2011 and a £200m bonding and guarantee facility.

Frank Meysman, group chairman of Thomas Cook offered his thanks to the troubled tour operator’s CFO Paul Hollingworth and the team for “the actions that they have taken and continue to take to strengthen the Group’s financial position.”

“This bank agreement, together with these actions, places Thomas Cook on a much firmer footing,” Meysman said.

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