Blackstone to model Merlin bond on notorious Refinitiv deal

By Karoliina Liimatainen
04 Jul 2019

Refinitiv’s 2018 high yield bond was slammed for having the weakest ever investor protections. Now another Blackstone consortium is about to use that deal as a template in the £5.9bn public-to-private buyout of theme park giant Merlin. The financing package also features protection against short-selling debt activists — an activity associated with Blackstone unit GSO Capital. Karoliina Liimatainen reports.

Danish investment firm Kirkbi, controlled by the billionaire family behind the Lego Group, announced last week that it would team up with Blackstone and Canadian pension fund CPPIB to take UK-based Merlin Entertainments private.

The deal documents imply that the bridge loans ...

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