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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Universal Orlando to retire 11¾% notes, 8 3/8% notes and floaters
By Susanna Moon
Chicago, Oct. 20 - Universal City Development Partners Ltd., which does business as Universal Orlando, said it will purchase, redeem or otherwise retire all of its outstanding 11¾% senior notes due 2010 and pay dividends and deferred special fees to its direct parent companies so that they can purchase, redeem or otherwise retire all of their outstanding 8 3/8% senior notes due 2010 and floating-rate senior notes due 2010.
To pay for the purchases, the company plans to offer $400 million principal amount of senior unsecured notes due 2015 and $225 million principal amount of senior subordinated notes due 2016 in a private placement under Rule 144A.
Funding for the purchases also will come from $900 million of borrowings under Universal Orlando's senior secured credit facilities, according to a press release.
Universal Orlando is an Orlando, Fla.-based owner and operator of theme parks.
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