The new 200 million GBP facility has various conditions attached to it.
These are discussed here:
http://www.telegraph.co.uk/finance/...k-pays-high-price-for-100m-lifeline-deal.html
"Thomas Cook pays high price for £100m lifeline deal"
"The new facility, which is available until April 30 2013, comes with relaxed covenants that recognise Thomas Cookâs £800m seasonal swing in cashflow, but costs £10m in arrangement fees and is priced at 5pc over Libor. That ratchets up by 0.5pc a year each quarter. "
"The banks will also take almost 5pc of the bombed-out company via warrants to subscribe for 42.9m new shares. They are exercisable at an average of last nightâs and next Mondayâs share price. The shares closed up1.67 at 18.02p before last nightâs deal, valuing the business at £158m. "
http://www.ft.com/cms/s/0/562a584a-17bf-11e1-b157-00144feabdc0.html
"Thomas Cook secures new loan deal"
Also new covenants and fees for this facility, as detailed in the above FT article.
These are discussed here:
http://www.telegraph.co.uk/finance/...k-pays-high-price-for-100m-lifeline-deal.html
"Thomas Cook pays high price for £100m lifeline deal"
"The new facility, which is available until April 30 2013, comes with relaxed covenants that recognise Thomas Cookâs £800m seasonal swing in cashflow, but costs £10m in arrangement fees and is priced at 5pc over Libor. That ratchets up by 0.5pc a year each quarter. "
"The banks will also take almost 5pc of the bombed-out company via warrants to subscribe for 42.9m new shares. They are exercisable at an average of last nightâs and next Mondayâs share price. The shares closed up1.67 at 18.02p before last nightâs deal, valuing the business at £158m. "
http://www.ft.com/cms/s/0/562a584a-17bf-11e1-b157-00144feabdc0.html
"Thomas Cook secures new loan deal"
Also new covenants and fees for this facility, as detailed in the above FT article.
