By Paul A. Harris
Portland, Ore., March 11 – Merlin Entertainments plc priced an upsized €500 million issue of non-callable seven-year senior notes (Ba2/BB) at par to yield 2¾% on Wednesday, according to a press release from the company.
The deal was upsized from €480 million.
The yield printed at the tight end of the 2¾% to 3% yield talk.
Physical bookrunner HSBC will bill and deliver. Barclays and Royal Bank of Scotland are also physical bookrunners.
BNP Paribas, Citigroup, Goldman Sachs International, Lloyds, Mizuho, SMBC, SG CIB and UniCredit are passive bookrunners.
Timing was moved ahead, as a roadshow was expected to run through Wednesday.
The Poole, England-based operator of location-based visitor attractions plans to use the proceeds, together with borrowings under its new senior facilities and cash on hand, to repay bank debt, as well as to pay termination fees and close certain hedging agreements.
| Issuer: | Merlin Entertainments plc
|
| Amount: | €500 million, increased from €480 million
|
| Maturity: | 2022
|
| Securities: | Senior notes
|
| Physical books: | HSBC (bill and deliver), Barclays, Royal Bank of Scotland
|
| Passive books: | BNP Paribas, Citigroup, Goldman Sachs International, Lloyds, Mizuho, SMBC, SG CIB, UniCredit
|
| Coupon: | 2¾%
|
| Price: | Par
|
| Yield: | 2¾%
|
| Call protection: | Non-callable
|
| Settlement date: | March 19
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 2¾% to 3%
|
| Marketing: | Roadshow
|
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