Merlin Entertainments PLC Senior Unsecured Debt Rating Affirmed On Proposed Refinancing; Proposed USD Bonds Rated 'BB'

LONDON (S&P Global Ratings) May 1, 2018--S&P Global Ratings today affirmed its 'BB' issue rating on the senior unsecured debt issued by U.K.-based theme park operator Merlin Entertainments PLC (Merlin; BB/Stable/--) following the company's proposed refinancing transaction. The '3' recovery rating (50%-70% recovery prospects, rounded estimate: 65%) on the senior unsecured debt is unchanged. As part of this transaction, Merlin proposes to repay its British pound sterling- and U.S. dollar-denominated fixed-rate bank loans from the proceeds of a proposed $400 million fixed-rate senior unsecured bond issuance and its amended £600 million multi-currency revolving credit facility (RCF), along with available cash. Merlin's unsecured debt also includes its existing €700 million fixed-rate notes. We affirmed our 'BB' issue rating on the amended

...LONDON (S&P Global Ratings) May 1, 2018--S&P Global Ratings today affirmed its '##' issue rating on the senior unsecured debt issued by U.K.-based theme park operator Merlin Entertainments PLC (Merlin; ##/Stable/--) following the company's proposed refinancing transaction. The '3' recovery rating (50%-70% recovery prospects, rounded estimate: 65%) on the senior unsecured debt is unchanged. As part of this transaction, Merlin proposes to repay its British pound sterling- and U.S. dollar-denominated fixed-rate bank loans from the proceeds of a proposed $400 million fixed-rate senior unsecured bond issuance and its amended ú600 million multi-currency revolving credit facility (RCF), along with available cash. Merlin's unsecured debt also includes its existing 700 million fixed-rate notes. We affirmed our '##' issue rating on the amended ú600 million multi-currency RCF due 2023 (increased from ú300 million). We also assigned a '##' issue rating to the proposed $400 million fixed-rate bonds...

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