Thomas Cook Group - Amendment to existing bank facilities and a new £200 million bank facility

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Slaughter and May, working alongside Simmons & Simmons, is advising Thomas Cook Group ('the Group') on an agreement with its banking group to provide the Group with a new facility that significantly improves the robustness of the Group's financial position.

On 25 November, Thomas Cook announced that its banks, led by Barclays, HSBC, RBS and UniCredit, had agreed to provide a new £200 million facility available until 30 April 2013, to replace the £100 million short-term facility announced on 21 October 2011. In addition, a further relaxation of the financial covenants under the existing facilities was agreed. These arrangements provide the Group with much increased headroom to deal with unexpected events and the effects of an uncertain economic environment.

Corporate and Commercial: William Underhill (partner); Financing: George Seligman (partner), Azadeh Nassiri (associate)