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Merlin Entertainments amends commitment letter with BofA, Deutsche
By Sarah Lizee
Olympia, Wash., Aug. 7 – Merlin Entertainments plc said that a debt commitment letter originally entered into on June 28 relating to its acquisition by Motion Acquisition Ltd. has been amended.
Motion Acquisition is a newly formed company owned by joint offerors Kirkbi Invest AS, Merlin’s largest shareholder, and funds advised by Blackstone Core Equity Advisors LLC and Canada Pension Plan Investment Board as co-investor.
According to Tuesday’s update, in addition to Bank of America Merrill Lynch International DAC, Bank of America, NA, London Branch and Deutsche Bank AG, London Branch as existing lenders, each of Barclays Bank plc, HSBC Bank plc, Mizuho Bank, Ltd., UniCredit Bank AG, London Branch, Blackstone Holdings Finance Co. LLC, CPPIB Credit Investments Inc. and Kirkbi Invest AS agreed to become lenders under the interim facilities agreement.
Details of the amendment were not disclosed in Tuesday’s release.
According to the June 28 commitment letter, the financing will consist of first-lien facilities, including a £925 million seven-year term loan B2, a $420 million seven-year term loan B1, a £400 million 6.5-year multi-currency revolver and a $172.5 million seven-year delayed-draw term loan.
Bank of America and Deutsche Bank are lead arrangers and bookrunners.
Interest is expected to be Libor plus 375 basis points for the sterling term loan B, Libor plus 350 bps for the dollar term loan B, Libor plus 300 bps for the revolver and Libor plus 350 bps for the delayed-draw term loan. The margin will vary based on the first-lien net leverage ratio.
There is a 30 bps commitment fee on the revolver.
The financing will also include £785 million of senior bridge facilities.
Berkeley Finco Sarl will be the borrower of the facilities.
Merlin is a Poole, England-based operator of hotels and holiday attractions.
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