thomas cook group plc (TCG) Snapshot

Thomas Cook Group plc announced that Richard Pennycook, Independent Non-Executive Director, will step down from the Board with immediate effect to focus on his executive career, following his recent appointment as Interim CFO of the Co-operative Group.

Thomas Cook Group plc announced further progress with its fleet renewal programme as part of its on-going commitment to building a single, strengthened airline segment aimed at improving the customer experience and reducing CO2 emissions and fuel burn as part of its focus on environmental sustainability. GECAS has agreed to acquire six A321-200s directly from Airbus, further to a purchase agreement between Thomas Cook and Airbus dated January 25, 2011, and Thomas Cook will lease back those aircraft from GECAS at an average lease rate factor of 0.887% per month (subject to adjustment for prevailing interest rates at the time of delivery) for 144 months. This implements the letter of intent with GECAS described in the prospectus issued on May 16, 2013 relating to the recapitalization of Thomas Cook. The financing of these aircraft is in addition to the recently announced recapitalization. It is anticipated that four of the aircraft will be delivered to Thomas Cook in the first quarter of fiscal 2015, with the remaining two expected to be delivered in the second quarter of fiscal 2015. As part of the same proposed arrangements, Thomas Cook has agreed to lease an additional three A321-200 aircraft from GECAS for 144 months at market rates, the rental being subject to adjustment at delivery by reference to prevailing interest rates. It is anticipated that the first of these three aircraft will be delivered to Thomas Cook in the first quarter of first 2015, the second aircraft will be delivered in the second quarter of fiscal 2015 and the third aircraft will be delivered in the third quarter of fiscal 2015. The group has now entered into agreements to replace 23 of its existing fleet of 85 over the coming years, with delivery of the first new A321, to be named Voyager Android, being taken later this week at the Airbus facility in Hamburg, increasing the fleet to 86. Upgrading the fleet in this way not only improves passenger comfort but will improve efficiency and reduce fuel burn and CO2 emissions as part of on-going commitment to environmental sustainability.

To discuss £1.6 billion capital refinancing plan