By Marcus Leach

Thomas Cook have announced a one-year extension to its banking facilities that will now run until May 2014.

The new agreement consists of a £200 million loan, as well as a £850 million credit facility that can be utilised if needed.

The travel operator saw a 4% increase in their shares on early trading on Monday, following a statement last week that said profits would be down due to the unrest in the Middle East and North Africa.

The group also said that the interest margins on the facilities had been reduced with immediate effect.

Following the new agreement interest on the loan stands at 2.25%, and between 2% and 2.5% on the credit facility.

Join us on
Follow @freshbusiness