Parkdean Resorts allocates £575 million first-lien term loan

By Sara Rosenberg

New York, Feb. 9 – Parkdean Resorts allocated its £575 million seven-year first-lien term loan that is priced at Libor plus 425 basis points with no Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

During syndication, pricing on the term loan as reduced from revised talk of Libor plus 450 bps to 475 bps and initial talk of Libor plus 500 bps and the discount firmed at the tight end of talk of 99 to 99.5.

Bank of America Merrill Lynch, Barclays and J.P. Morgan Securities LLC are the active bookrunners on the deal, with Barclays as the agent. Passive bookrunners are RBC Capital Markets and SMBC.

Proceeds will be used with a £150 million pre-placed second-lien term loan to finance the acquisition of the company by Onex, to refinance existing debt and to pay related fees and expenses.

Parkdean is a holiday park operator based in Newcastle upon Tyne, England.

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