Thomas Cook’s £1.6bn refi plan brings new loans, bonds, equity
Thomas Cook has announced a £1.6bn capital refinancing plan, including bank facilities, a new high yield bond and a rights issue. The package will repay all the UK travel operator’s bank debt and earmarks some proceeds for 2015 maturities.
Thomas Cook plans to raise £425m with an equity placing and rights issue, as part of the refinancing which could lead Standard & Poors and Fitch to raise their B-/B- ratings.
The company has signed £691m of new bank facilities. These comprise a £300m 2017 revolving credit facility; £200m
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