Eversheds has advised education and activity travel group Holidaybreak on the refinancing of its Group bank facilities.

The new £245m facility extends the current facility resulting in a £100m term loan facility, £22m bonding facility and £123m revolving credit facility. M&G Alternatives Investment Management Limited provided £30m of the term loan facility which is repayable in six years.

The Eversheds team was led by Partner Nigel Dale assisted by Senior Associate Ben Edwards and Associate Marie-Charlotte Chambers.

Nigel Dale commented:

“Having advised Holidaybreak on its sale to Indian-based tour operator Cox & Kings in 2011, it is a pleasure to have advised them on this latest refinancing deal, which will allow them to focus on their strategic development plans.”

Navneet Bali, Group Finance Director of Holidaybreak Limited, commented:

“We are delighted by the continuing support from Holidaybreak’s relationship banks, to have further diversified our lending pool through the new loan from M&G and to have committed five and six year loan facilities in place. The Eversheds team working in multi jurisdictions were intrinsic in ensuring that the deal completed in a timely and coordinated manner.”