Thomas Cook sets roadshow for €300 million offering of senior notes, will repay bonds

By Paul A. Harris

Portland, Ore., Nov. 28 – Thomas Cook Group plc plans to start a roadshow on Tuesday for a €300 million minimum offering of guaranteed senior unsecured fixed-rate notes due 2022, according to a market source.

The roadshow is set to wrap up on Thursday.

The Rule 144A and Regulation S offering is being led by global coordinators and physical bookrunners BofA Merrill Lynch, DNB and Lloyds.

The notes will become callable after 2.5 years and will be guaranteed by Thomas Cook Finance plc and the issuer's subsidiaries that guarantee Thomas Cook Finance plc's existing notes due 2020 and 2021.

The offering is expected to close on or about Dec. 8.

The London-based travel company plans to use the proceeds to redeem its guaranteed senior notes due in June 2017 and a portion of its senior notes due in June 2020.

“The transaction will strengthen Thomas Cook's financial position by extending the company's debt maturity profile and increasing liquidity,” the company stated in the Monday press release.

“The transaction will also help enhance Thomas Cook's future financing flexibility, consistent with the company's target of reducing fixed-term debt by a further £200 million over the next two years.”

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