Thomas Cook reveals £1.6bn refinancing plan

(Source: Reuters)

Holiday company Thomas Cook has announced a £1.6bn capital refinancing plan (release). The firm will attempt to raise this through a placing and rights issue (£425m), new bonds maturing in 2020 (£441m) and new facilities (£691m).

CEO Harriet Green:

Our progress transforming the business also enables us to undertake our capital refinancing plan. This will reduce the very significant debt that we inherited, lengthen its repayment profile and consequently help us deliver the full benefits of the strategic plan we set out in March