By Paul A. Harris
St. Louis, March 29 - Festival Fun Park LLC priced a $150 million issue of eight-year senior notes (B2/B) at par to yield 10 7/8% on Wednesday, according to a market source.
The yield came in the middle of the 10¾% to 11% price talk.
JP Morgan ran the books for the Rule 144A offering. Jefferies & Co. was the co-manager.
Proceeds will be used to fund the acquisition of water parks operator Palace Entertainment by MidOcean Partners, a New York- and London-based private investment firm, from an investor group led by Windward Capital.
Palace Entertainment has headquarters in Newport Beach, Calif.
| Issuer: | Festival Fun Park LLC
|
| Amount: | $150 million
|
| Maturity: | April 15, 2014
|
| Security description: | Senior notes
|
| Bookrunner: | JP Morgan
|
| Co-manager: | Jefferies & Co.
|
| Coupon: | 10 7/8%
|
| Price: | Par
|
| Yield: | 10 7/8%
|
| Spread: | 607 bps
|
| Call protection: | Four years
|
| Trade date: | March 29
|
| Settlement date: | April 15
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A
|
| Price talk: | 10¾%-11%
|
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