21 Mar 2013 07:00
21 March 2013
Thomas Cook Group plc
Partial cancellation of liquidity facility
Thomas Cook Group plc (the "Group") confirms that in accordance with the "cash sweep" provisions of its bank facility agreement £100 million of the liquidity facility provided pursuant to the facility agreement has been cancelled. As a result, an additional fee of up to 2 per cent of the total facilities outstanding, amounting to approximately £26 million, will not be payable.
Enquiries:
Thomas Cook Group plc
Geoffrey Pelham-Lane (Group Head of Investor Relations) +44 (0) 20 7557 6414
FTI Consulting
Andrew Lorenz (Media) +44 (0) 20 7269 7113
Richard Mountain (Media) +44 (0) 20 7269 7186
Note to editors:
On 5 May 2012, the Group agreed a new financing package with its lenders, consisting of a total debt facility of £1,400m with a maturity date of 31 May 2015. The facility comprises a £150m term loan with no fixed repayments, a revolving credit facility of £850m, a super senior revolving credit facility of £200m, and a committed £200m bonding and guarantee facility. Following the disposal of the Group's share in Thomas Cook (India) Limited, in August 2012 the super senior revolving credit facility was reduced by £89m to £111m. Following the £100m cancellation today, the super senior revolving credit facility is reduced to £11m.