Thomas Cook bond issues

28 Apr 2010

Simmons & Simmons Advises Thomas Cook Group on €400m and £300m Bond Issues

Simmons & Simmons has advised Thomas Cook Group plc,one of the world's leading leisure travel groups, on the issue of its €400m 6.75% guaranteed notes due 2015 and £300m 7.75% guaranteed notes due 2017.

The euro and sterling notes, which are listed on the London Stock Exchange and guaranteed by Thomas Cook subsidiaries in Belgium, Canada, Denmark, France, Germany and the UK, were issued on 22 April 2010.

The Simmons & Simmons debt capital markets team was led by partner Charles Hawes, assisted by Mathieu Fréville and Jan Seidel.  Partners Adam Cooper, Simon Middleton, Stephan Ulrich, Michael Bormann, Sandra Pfister and France Wilmet together with associates Reinhard Bunjes, Arnauld Grünthaler, Ruth Blackshaw and Simon Coles were also involved in connection with the guarantees from the Thomas Cook subsidiaries.

Commenting on the transaction, Charles Hawes said: “We are pleased to have advised Thomas Cook Group on this successful bond issue, the first by Thomas Cook and a significant step in its refinancing.’’

Adam Cooper added: "The transaction involved the provision of advice across a number of jurisdictions, including through our offices in London, Brussels, Düsseldorf, Frankfurt and Paris. It has been a great pleasure for our international team to work with Thomas Cook on this major transaction.’’

The joint book runners, advised by Allen & Overy, were, for the issue of the euro notes, Barclays Capital, Commerzbank, HSBC, Société Générale Corporate and Investment Banking, BayernLB, Unicredit Bank and WestLB AG, and, for the issue of the sterling notes, Barclays Capital, HSBC, Lloyds TSB Corporate Markets, ING Bank N.V. and The Royal Bank of Scotland.

Simmons & Simmons’ capital markets practice regularly advises on standalone bond issues, MTN programmes and refinancings, representing issuers and managers on landmark and innovative transactions.

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