Playa Resorts intends to sell $300 million seven-year senior notes

By Paul A. Harris

Portland, Ore., July 30 - Playa Resorts Holding, BV plans to price a $300 million offering of seven-year senior notes (Caa1/B) early in the week ahead, according to a syndicate source.

BofA Merrill Lynch is the left bookrunner for the Rule 144A and Regulation S for life offering. Deutsche Bank Securities Inc. is a joint bookrunner.

Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the co-managers.

The notes become callable in three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds, along with a new term loan and a significant investment from Hyatt Hotels Corp., will be used to acquire 13 resorts.

Playa is the owner, operator and developer of all-inclusive resorts in the Dominican Republic, Mexico and Jamaica.

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