United Parks raises term loan to $380 million, revises issue price

By Sara Rosenberg

New York, April 3 – United Parks & Resorts Inc. (SeaWorld Parks & Entertainment Inc.) upsized its fungible incremental term loan due 2028 to $380 million from $230 million and tightened the issue price to par from talk in the range of 99.75 to 99.875, according to a market source.

Pricing on the incremental term loan is SOFR plus 250 basis points with a 0.5% floor, and the debt has 101 soft call protection until July, all in line with the existing term loan.

JPMorgan Chase Bank is the lead and the administrative agent on the deal.

Proceeds will be used to redeem the company’s $227.5 million 8¾% senior secured notes due 2025 and, due to the upsizing, for general corporate purposes.

United Parks is an Orlando, Fla.-based theme park and entertainment company.

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