18 Jul 2011 07:46
18 July 2011
Thomas Cook Group plc
Bank facilities extended and interest margin reduced
Thomas Cook Group plc is pleased to announce, in accordance with the terms of its current banking agreement, a one year extension of its committed bank facilities to May 2014. The facilities comprise a £200m term loan and an £850m revolving credit facility.
In addition, the interest margin on the facilities has been reduced with immediate effect. The margin over LIBOR on the term loan facility has reduced to 2.25% and on the revolving credit facility has reduced to a rate between 2.00% and 2.50% dependant on the proportion of the facility that is drawn. The margin was previously 2.75% for both facilities.
Paul Hollingworth, Chief Financial Officer of Thomas Cook Group plc commented:
"We are pleased that we have extended the term of our committed bank facilities by one year as well as reducing the interest margin paid.
As stated in our recent trading update, we continue to perform well on cash flow, with circa £900m of available cash and committed facilities. We are focussed on reducing our debt and strengthening our balance sheet and we have a number of initiatives underway to deliver progress on this including the disposal of certain hotel and surplus assets."
Enquiries:
Thomas Cook Group plc Investor Relations +44 (0) 20 7557 6414
Finsbury Faeth Birch +44 (0) 20 7251 3801