Law Firm News – New £1.4 billion Funding Package for Thomas Cook

12 May 2012 – – Law Firm Newswire – Slaughter and May is advising Thomas Cook on a new £1.4 billion financing package with its lenders which extends the maturity of its financing until 31 May 2015 and provides further stability to the business.

The existing syndicated facilities of £1.4 billion comprising a £150 million amortising term loan, an £850 million revolving credit facility, a £200 million liquidity facility and a £200 million bonding and guarantee facility are being amended to extend the maturity on all these facilities until 31 May 2015 with no fixed repayments. In addition, Thomas Cook will be able to retain the proceeds of certain disposals which will increase liquidity. Revised financial covenants, which offer greater financial flexibility, have also been agreed.

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