LONDON May 24 Spanish entertainment resort
company PortAventura World has launched a €620m leveraged loan
to refinance existing debt and pay a dividend to shareholders,
banking sources said.
Invest Industrial acquired PortAventura in 2011, selling a
49.9% stake to KKR in 2014, backed with €420m of bonds.
It is now conducting a dividend recapitalisation that will
refinance the existing bonds with term loan debt and pay a
dividend to shareholders, looking to realise some value in the
JP Morgan, KKR Capital Markets, BBVA, Nomura, HSBC, BNP
Paribas and Credit Agricole are leading the deal, which is set
to be shown to investors at a meeting on May 25, the sources
The €620m seven-year term loan is guided to pay 375bp over
Euribor with a 0% floor. It is rated B2/B-, the sources said.
The loan will refinance a €150m floating rate bond and a
€270m fixed rate bond that has non-call expiry in June, as well
as pay the dividend and transaction costs, the sources said.
Established in 1995, PortAventura World is a fully
integrated destination resort that comprises five themed hotels,
two theme parks, a water park and a convention centre located 1
hour south of Barcelona.
(Editing by Christopher Mangham)