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