Center Parcs has completed a £490m part refinance by issuing two corporate bonds.
The refi is part of a broader divestment process by its owner, Blackstone, which will either sell or float the £2.5bn business by the end of the month.
It issued £350m of five-year bonds with a 2.67% coupon and £140m of 10-year notes with a 3.59% coupon. Both issues were BBB-rated.
The receipts will be used to pay off £330m of outstanding notes due to expire in 2017 and replace the development funds put in place to build its fifth park at Woburn Forest, Bedfordshire (pictured above), which opened last May.
Barclays and Deutsche Bank acted as the lead arrangers on the issues.
