Bulletin: Piolin Bidco's Proposed Amend And Extend Debt Transaction Strengthens The Group's Credit Profile

This report does not constitute a rating action. PARIS (S&P Global Ratings) April 22, 2024--Spain-based theme park operator Piolin Bidco S.A.U. (Parques Reunidos; B-/Stable/--) plans to issue a new €1.22 billion term loan B (TLB) due 2029 and a €195 million revolving credit facility (RCF) due 2029 to refinance its outstanding €1.22 billion TLB due 2026 and €200 million RCF due 2026. After the transaction, drawings under the RCF are expected to remain unchanged at about €80 million. We view the proposed refinancing through an amend-and-extend transaction as leverage neutral and believe it will strengthen the group?s credit profile by extending the maturity of its capital structure. In 2023, the group reported €830 million of revenue and €225 million of

...April 22, 2024 This report does not constitute a rating action. PARIS (S&P Global Ratings) April 22, 2024--Spain-based theme park operator Piolin Bidco S.A.U. (Parques Reunidos; B-/Stable/--) plans to issue a new 1.22 billion term loan B (TLB) due 2029 and a 195 million revolving credit facility (RCF) due 2029 to refinance its outstanding 1.22 billion TLB due 2026 and 200 million RCF due 2026. After the transaction, drawings under the RCF are expected to remain unchanged at about 80 million. We view the proposed refinancing through an amend-and-extend transaction as leverage neutral and believe it will strengthen the group's credit profile by extending the maturity of its capital structure. In 2023, the group reported 830 million of revenue and 225 million of S&P Global Ratings- adjusted EBITDA, up from 821 million and 213 million respectively in 2022. Top-line profit was weaker than we expected, due to visitors' lower-than anticipated per capita spending of about 43.7 compared with our...

Bulletin