Parques Reunidos guides €1.22 billion term loan maturity extension at Euribor plus 450 bps at 99

By Paul A. Harris

Portland, Ore., April 22 – Parques Reunidos plans to combine its Piolin BidCo, SA euro-denominated term loan B1 and B3 facilities (B3/B-) into a single €1.22 billion term loan B4 due September 2029, according to a market source.

The deal, which will extend maturities by three years, is talked with a 450 basis points spread to Euribor, no floor, and an original issue discount of 99.

The loan will come with six months of soft call protection at 101.

Commitments are due at noon ET on May 1.

Administrative agent JPMorgan is a physical bookrunner. Morgan Stanley and Santander were also physical bookrunners.

BNP Paribas, Goldman Sachs and ING are passive bookrunners.

The borrower is a Madrid-based international entertainment operator.

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