Thomas Cook Refinancing

25 May 2010

Simmons & Simmons Advises Thomas Cook Group plc on Syndicated and Bilateral Banking Facilities

Simmons & Simmons has advised Thomas Cook Group plc, one of the world's leading leisure travel groups, in relation to a £1.05bn syndicated term loan and revolving credit facilities agreement and a £200m bilateral bonding and guarantee facilities agreement. 

These facilities, together with the €400m and £300m bond issues by Thomas Cook Group, on which Simmons & Simmons also advised, refinanced the existing €1.45bn (£1.26bn) multicurrency term and revolving credit facilities and €200m (£174m) bonding facilities dated 23 May 2008.

The new facilities are guaranteed by Thomas Cook subsidiaries in Belgium, Canada, Denmark, France, Germany and the UK, and the facilities agreements were entered into on 11 May 2010.

The Simmons & Simmons banking team was led by partner Simon Middleton, assisted by Simon Coles, Ruth Blackshaw and Muriel Baudoncq.  Partners Adam Cooper, Charles Hawes, Sandra Pfister and France Wilmet together with associates Reinhard Bunjes and Arnauld Grünthaler were also involved in connection with the guarantees from the Thomas Cook subsidiaries.

Commenting on the transaction, Simon Middleton said: “We are pleased to have advised Thomas Cook Group in connection with these lending facilities, the final 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 continue working with Thomas Cook on this major transaction following the successful bond issues in April 2010 on which Charles Hawes advised.’’

Mandated Lead Arrangers on the new banking facilities are Barclays Capital (the investment banking division of Barclays Bank PLC), Bayerische Landesbank, BNP Paribas, Commerzbank Aktiengesellschaft, DnB NOR Bank ASA, HSBC Bank plc, ING Bank N.V. London Branch, Lloyds TSB Bank plc, The Royal Bank of Scotland plc, Societe Generale Corporate & Investment Banking, Unicredit Bank AG and WestLB AG.

Barclays Capital and Unicredit Bank AG are acting as Co-ordinators on the new banking facilities and the Agent is Bayerische Landesbank.

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Notes for editors:

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