Center Parcs slices coupon in final leg of class B refi

center parcs 575x375 from company
By Silas Brown
26 Apr 2021

Center Parcs, the UK resort group owned by Brookfield, has sold a £255m high yield bond, in order to raise cash to redeem its remaining class ‘B’ notes due in 2022. The final coupon stood 2% inside where its September 2020 refinancing outing landed, reflecting investor confidence in the business’ position coming out of the pandemic. But the company accepts it is still facing challenges.

Barclays, which was left lead on the new deal, was joined by HSBC as joint global coordinator and bookrunner.

There were investor calls on Monday and Tuesday, with the deal pricing on Wednesday. The August 2027 notes have two years of call protection, and were priced at 4.5%. Initial ...

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