TUI Travel signs new credit facility

London
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Leisure travel group TUI Travel has signed a £1.4 billion ($2.32 billion) bank credit facility maturing in June 2018.

TUI says the new credit facility, which includes letters of credit, will refinance its existing banking facilities.

“The new facility was agreed on competitive terms and substantially extends the company's debt maturity profile, providing valuable flexibility in respect of its other debt facilities and upcoming maturities,” says the company.

The transaction resulted was oversubscribed. The covenants remain unchanged, says TUI.