J.P. Morgan and Bank of America launched syndication last week for a $650 million credit for Universal City Development Partners. The credit comprises a $100 million revolver and $550 million term loan. In addition, the company is issuing $450 million of fixed and floating-rate notes due 2010.
Note proceeds are being used to pay a $450 million dividend to Universal City owners NBC Universal and The Blackstone Group. Universal City owns and operates Universal Studio Florida and Islands of Adventure theme parks in Orlando, Fla. Universal officials and spokespeople from the lead banks did not return calls.