Thomas Cook looks to issue bonds
Thomas Cook Group intends to raise around €400 million by issuing bonds.
It says the bonds will mature in 2021 and will further strengthen its financial position ‘by extending and rebalancing the debt maturity profile and increasing liquidity’.
In a statement the group said the move will also help bring the company closer to ‘normalisation’ and support its ‘profitable growth strategy, including through investment in new and improved products’.
The announcement came a day after the group published its annual financial report.
It was revealed that former Thomas Cook chief executive Harriet Green was denied a bonus last year after she failed to hit financial targets.
As a result, Green, who left the tour operator abruptly in November, saw her pay drop by 73% to £1,046 million.
The remuneration committee said: "Despite achievements and significant progress against our strategic KPIs [key performance indicators], the [full year 2014] outcomes … were below the financial hurdle levels set at the beginning of the period. Consequently, the committee has determined that no payment will be made under the group bonus plan".
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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