EL firm Thomas Cook has raised £650m through new sterling and euro bond issues.
The company issued two bonds – a £300m seven-year bond paying 7.75 per cent interest, and a £350m five-year version paying 6.75 per cent.
In the past the company, Europe's second largest agent, has relied on bank loans.
The bonds will be listed on the London Stock Exchange.
They have been issued without a credit rating, but with a commitment by Thomas Cook to obtain two credit ratings before the first interest payment date in April 2011.
The joint book-runners for the issue of the Euro bond are Barclays Capital, Commerzbank, HSBC, Societe Generale, Bayern LB, WestLB and UniCredit.