Merlin Entertainments launches £635 million equivalent dollar/euro notes; pricing Wednesday

By Paul A. Harris

Portland, Ore., Oct. 16 – Merlin Entertainments plc launched approximately £635 million equivalent of eight-year senior notes with tranche sizes and final pricing on Wednesday, according to market sources.

The deal includes $410 million of notes launched at 6 5/8%, 37.5 basis points inside of the low end of the 7% to 7¼% price talk.

The company also launched €370 million of the notes at 4½%, again 37.5 bps tighter than the tight end of price talk in the 5% area.

Final terms are expected later Wednesday.

Lead left bookrunner Deutsche Bank will bill and deliver for both tranches.

All of the notes 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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