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Thomas Cook extends bank credit terms | Thomas Cook extends bank credit terms |
(about 6 hours later) | |
Travel operator Thomas Cook has announced a one-year extension to its banking facilities. | Travel operator Thomas Cook has announced a one-year extension to its banking facilities. |
The arrangement, comprising a £200m loan and an £850m credit facility, which can be called upon if required, now runs until May 2014. | The arrangement, comprising a £200m loan and an £850m credit facility, which can be called upon if required, now runs until May 2014. |
Last week, the firm said profits would be hit by unrest in the Middle East and North Africa, and by weak UK spending. | Last week, the firm said profits would be hit by unrest in the Middle East and North Africa, and by weak UK spending. |
The latest statement also said that the interest margins on the facilities had been reduced with immediate effect. | |
It is now 2.25% on the loan, and between 2% and 2.5% on the credit facility, depending on how much is used. | It is now 2.25% on the loan, and between 2% and 2.5% on the credit facility, depending on how much is used. |
The margin had previously been 2.75% for both facilities. | The margin had previously been 2.75% for both facilities. |
The group is currently looking to sell some hotels and other assets, worth a reported £200m, as it seeks to reduce its debt. | The group is currently looking to sell some hotels and other assets, worth a reported £200m, as it seeks to reduce its debt. |
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