By Abigail W. Adams
Portland, Me., May 23 – Motion Finco Sarl (Merlin Entertainments Ltd.) priced an upsized €700 million, from €650 million, issue of seven-year senior secured notes (B2/B) on Tuesday at par to yield 7 3/8%, according to a market source.
Pricing came at the tight end of talk for a yield in the 7˝% area.
The notes carry three years of call protection.
Deutsche Bank (bill and deliver), Barclays, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., Santander Investment Securities Inc., SMBC Nikko Securities America Inc., UniCredit Capital Markets LLC and IMI are bookrunners for the Rule 144A and Regulation S offering.
Proceeds will be used to refinance the €500 million outstanding of the company’s 7% senior secured notes due 2025 and other short-term maturities.
Merlin Entertainments is a Dorset, U.K.-based entertainment company.
| Issuer: | Motion Finco Sarl
|
| Amount: | €700 million
|
| Issue: | Senior secured notes
|
| Tenor: | Seven years
|
| Joint bookrunners: | Deutsche Bank (bill and deliver), Barclays, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., Santander Investment Securities Inc., SMBC Nikko Securities America Inc., UniCredit Capital Markets LLC and IMI
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| First call: | Three years
|
| Trade date: | May 23
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7˝% area
|
| Marketing: | Investor call
|
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