Thomas Cook bonds collapse on new senior loan, huge writedown

Thomas Cook
By Owen Sanderson
16 May 2019

Thomas Cook bonds traded down more than 12 points on Thursday in heavy volume, as the UK holidays group announced a new first-ranking loan for the winter season, a big goodwill writedown that took its pre-tax loss to £1.4bn, and a big drawdown on its revolving credit facility.

The company announced it had signed a new £300m loan, which it described as “sitting alongside” its existing revolver and bonding facility of £875m, with covenants in line with theirs. 

But it clarified that the new loan would benefit from first ranking security over £300m of assets, with existing ...

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