Thomas Cook gets winter credit
Posted 21/10/2011
Thomas Cook has managed to secure an extra £100 million credit to help it get through the quiet winter season.
The group made an announcement to the City this morning saying it had reached agreement with its bank to increase financial flexibility and has also signed a new short-term committed bank facility to provide an additional £100 million of “headroom around the seasonal cash low point at the end of December this year”.
The existing credit facilities comprises a £150 millon amortising term loan and a £850 million revolving credit facility which mature in May 2014.
By Bev Fearis
Originally published 21 Oct 2011 at: http://rss.feedsportal.com/c/398/f/5923/s/19729cac/l/0L0Stravelmole0N0Cstories0C114990A20Bphp0Dmpnlog0F1/story01.htm
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