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U.K. Holiday Group Considers Whole Business Deal

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Bourne Leisure Group, a U.K. company that owns Butlins Skyline and other holiday camp facilities, is looking at doing a whole business securitization, according to market participants. In November 2000, Bourne Leisure raised £642.5 million in the leveraged loan market and the whole business securitization would be put in place, in part, to refinance that jumbo loan. The group's finance director declined to comment through a spokeswoman.

The November 2000 loan was underwritten by Barclays Capital and six senior co-arrangers. Barclays is active in the whole business securitization market, having recently completed a E1.2 billion deal for Aeroporti di Roma, called Romulus. Robert Palache, co-head of securitization at Barclays, said he could not comment on Bourne Leisure at this time.

While the travel industry has taken a beating in the global economic downturn and in reaction to fears of terrorism, one investor notes that Bourne Leisure should be insulated from this bad news. Bourne Leisure offers low-cost family holidays, and its camps, hotels and caravan parks all are located within the U.K.

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