Merlin Entertainments offers £635 million equivalent dollar and euro eight-year notes

By Paul A. Harris

Portland, Ore., Oct. 7 – Merlin Entertainments plc expects to price £635 million equivalent of eight-year senior notes before the end of the Oct. 7 week, according to market sources.

The deal, being managed by Deutsche Bank, comes in tranches of dollar-denominated notes with initial price talk in the low 8% area, and euro-denominated notes with initial talk in the low 5% area.

The notes come with three years of call protection.

Proceeds will be used to help fund acquisition of Merlin Entertainments, a Poole, England-based family entertainment company, by a consortium consisting of the Kirk Kristiansen family's private holding and investment company, Blackstone and the Canada Pension Plan Investment Board. Proceeds will also be used to refinance certain existing debt of Merlin and to fund cash on Merlin's balance sheet.

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