TUI has signed a new £300 million bank credit facility with a syndicate of banks.
The tour operator said the facility would mature in April 2016 and that the covenants were in line with those provided under its existing banking facilities.
The agreement, which it says will ‘further strengthen the Company’s capital structure’, was co-ordinated by the Royal Bank of Scotland.
Will Waggott, chief financial officer of TUI Travel PLC, said: "We are pleased to have agreed this new credit facility which will improve the flexibility and strength within our capital structure and demonstrates the continued strong support for the Group from our banks."
