By Paul A. Harris
Portland, Ore., Jan. 24 – Merlin Entertainments plc priced an upsized $500 million issue of seven-year senior secured notes at par to yield 7 3/8% on Wednesday, according to market sources.
The issue size increased from $400 million.
The yield printed at the tight end of yield talk in the 7½% area. Early guidance was in the high-7% area.
The deal was heard to be four-times oversubscribed, a trader said.
The Poole, U.K.-based operator of hotels and holiday attractions plans to use the proceeds plus a $1.273 billion term loan and a €200 million add-on term loan to refinance its U.S. and euro term loans due 2026.
| Issuer: | Merlin Entertainments plc
|
| Amount: | $500 million, increased from $400 million
|
| Issue: | Senior secured notes
|
| Maturity: | Feb. 15, 2031
|
| Lead: | Deutsche Bank
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| First call: | Feb. 15, 2027 at 103.688
|
| Trade date: | Jan. 24
|
| Settlement date: | Feb. 6
|
| Price talk: | 7½% area
|
| Marketing: | Roadshow
|
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