3rd Apr 2014 07:10
LONDON (Alliance News) - Travel operator TUI Travel PLC said Thursday that it has signed a new GBP1.4 billion bank credit facility, which it said will improve the strength and flexibility of its balance sheet, and was oversubscribed.
The leisure travel group said that it has refinanced its banking facilities with the signing of a new bank credit facility, including letters of credit, maturing in June 2018.
It said that the new facility was agreed on competitive terms, and substantially extends its debt maturity profile. It didn't name the financial institutions involved.
"The demand for participation in the transaction resulted in it being oversubscribed, demonstrating continued strong backing from the company's relationship lenders. The covenants remain unchanged," the firm said in a statement.
TUI shares were amongst the biggest gainers on the FTSE 100 at market open Thursday, up 0.2% at 442.80 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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