Thomas Cook issues bonds to raise £400 million

Thomas Cook issues bonds to raise £400 millionThomas Cook Group aims to raise £400 million by issued bonds.

Maturing in 2021, the bonds will enhance the company’s financial and operational flexibility, Cook said.

The financial arrangement will further strengthen the group’s position “by extending and rebalancing the debt maturity profile and increasing liquidity”.

It will also allow Cook to cancel its highest cost bank loan of €224 million arranged in 2013 which is now down to €164 million.

The company will also be able to move closer to “normalisation” under its existing banking facilities, thereby improving its ability to resume dividend payments.

The deal supports the Cook’s profitable growth strategy, including through investment in new and improved products, the group said.

It will enable a future refinancing of the company’s banking facilities maturing in May 2017.

Sourced from Travel Weekly

Advertisements


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s