Palace Entertainment to begin change-of-control tender offer for 10 7/8% notes

By Angela McDaniels

Seattle, Oct. 3 - Palace Entertainment Holdings, Inc. said all of its outstanding stock was acquired by Centaur Holdings United States, Inc. from Palace Holdings Group, LLC on Wednesday. The total purchase price was $330 million.

As a result, the company plans to "promptly" begin a change-of-control tender offer for its $150 million outstanding 10 7/8% senior notes, series B, due 2014 as required under the note indenture, according to an 8-K filing with the Securities and Exchange Commission.

Once notified of the offer, noteholders will have 30 days to tender their notes.

The company will pay 101% of par plus accrued interest up to but excluding the repurchase date, which is expected to be Nov. 2.

If all noteholders tender under the offer, the total purchase price will be $152 million.

Centaur is an affiliate of Parques Reunidos, SA, which is primarily owned by Candover Partners Ltd.

Based in Newport Beach, Calif., Palace Entertainment owns and manages a portfolio of 32 family oriented parks in eight states.

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