Thomas Cook pays up for new £200m revolver

Lenders to beleaguered Thomas Cook have agreed to provide a £200m revolving credit facility maturing on April 30, 2013, to replace a £100m short term loan signed in October. But margins on the loan are up to 300bp higher than the terms agreed on Thomas Cook’s existing £1bn loan in July.

  • 02 Dec 2011

The UK travel agency’s syndicate, led by Barclays, HSBC, Royal Bank of Scotland and UniCredit, has also agreed to relax the leverage and fixed charge cover covenants on the company’s loans.

Thomas Cook’s shares fell 75% last Tuesday when it said that it would postpone its results announcement because ...

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