Merlin Entertainments sets price talk in £635 million equivalent two-part notes offering

By Paul A. Harris

Portland, Ore., Oct. 15 – Merlin Entertainments plc set price talk in its £635 million equivalent two-part offering of eight-year senior notes, according to a market source.

The deal, being managed by Deutsche Bank, features dollar-denominated notes talked to yield 7% to 7¼% and euro-denominated notes talked to yield in the 5% area.

The deal is expected to price Wednesday, the source said.

The notes in both tranches come with three years of call protection.

Proceeds will be used to help fund the 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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