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Merlin Entertainments selling £635 million equivalent dollar and euro notes backing buyout
By Paul A. Harris
Portland, Ore., Oct. 7 – Merlin Entertainments plc expects to price £635 million equivalent of eight-year senior notes before the end of the Oct. 7 week, according to market sources.
The deal, being managed by Deutsche Bank, comes in tranches of dollar-denominated notes with initial price talk in the low 8% area and euro-denominated notes with initial talk in the low 8% area.
Proceeds will be used to help fund the acquisition of Merlin Entertainments, a Poole, England-based family entertainment company, by a consortium consisting of the Kirk Kristiansen family's private holding and investment company, Blackstone and the Canada Pension Plan Investment Board. Proceeds will also be used to refinance certain existing debt of Merlin, and to fund cash on Merlin’s balance sheet.
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