19th Apr 2018 12:43
LONDON (Alliance News) - Merlin Entertainments PLC said Thursday it completed a refinancing of its debt, reducing its outstanding term loans by GBP377 million.
The theme park and attraction operator increased its revolving multi-currency credit facility to GBP600 million from the undrawn GBP300 million prior. The repayment date of this facility was also extended to April 2023 from the original March 2020.
Using GBP294 million drawn down from the extended facility alongside cash on its balance sheet, it has repaid GBP377 million worth of term loans denominated in US dollar and sterling. This repaid USD229 million on US dollar notes due March 2020 and GBP207 million on sterling notes also due March 2020.
After this, Merlin has USD311 million outstanding on its US notes due March 2020 and GBP43 million outstanding on its sterling notes due the same time. It also has a further EUR700 million note due March 2022.
Merlin continues to expect a financing charge of GBP50 million in 2018.
Shares in Merlin were 1.1% higher at 349.60 pence on Thursday.
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