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TUI Travel seals new £1.4bn credit facility

Published: 03:36 03 Apr 2014 EDT

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TUI travel (LON:TT.) has arranged new financing, with a £1.4bn bank credit facility.

This new facility, which matures in June 2018, refinances the group’s bank debt. TUI says it provides “valuable flexibility”.

The travel firm also revealed that the financing was oversubscribed, and said this demonstrates strong backing from its “relationship lenders”.

"We are pleased to announce the signing of this new Credit Facility which improves the strength and flexibility within our balance sheet,” said Will Waggott, TUI chief financial officer.

“We appreciate the continued strong support from our relationship banks."

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