Merlin Entertainments talks upsized €500 million five-year secured notes to yield 7%-7¼%

By Paul A. Harris

Portland, Ore., April 24 – Merlin Entertainments Ltd. talked an upsized €500 million offering of senior secured notes (B) due May 15, 2025 to yield 7% to 7¼%, according to market sources.

The offer, which is upsized from €400 million, could price as early as Friday.

Deutsche Bank AG, London Branch will bill and deliver.

The Rule 144A and Regulation S notes come with two years of call protection.

The issuing entity will be Motion Finco Sarl.

The notes will be guaranteed by parent company Motion Acquisition Ltd. and also Motion Finco 2 Sarl, Motion Finco, LLC, Merlin Entertainments Ltd., Madame Tussauds Touring Exhibition Ltd., Merlin Attractions Operations Ltd., Merlin Entertainments (Dungeons) Ltd., Merlin Entertainments Group Holdings Ltd., Merlin Entertainments (SEA LIFE) Ltd., Legoland ApS, Dungeon Deutschland GmbH, Heide-Park Soltau GmbH, Legoland Deutschland Freizeitpark GmbH, Legoland Deutschland GmbH, Madame Tussauds Deutschland GmbH, Sea Life Deutschland GmbH, Gardaland Srl, Legoland California, LLC, Legoland Discovery Centre US, LLC, Legoland New York LLC, Madame Tussaud Las Vegas LLC, Madame Tussaud’s New York LLC, Merlin Entertainments Group Florida LLC, Merlin Entertainments Group U.S. Holdings Inc., Merlin Entertainments North America LLC, Sea Life Minnesota LLC and Sea Life US LLC.

Motion Finco is indirectly owned by funds affiliated with or managed by Blackstone, CPP Investments and Kirkbi A/S.

The Poole, England-based entertainment company plans to use the proceeds for general corporate purposes.

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