Investindustrial, KKR net refinancing for PortAventura

The transaction comprised a €620m term loan priced at 375 basis points (bps) due to mature in 2024, according to media reports.

As part of the deal, the company refinanced its previous financing structure, which included a €150m floating rate senior note due in 2019 and a €270m senior secured note at 725bps due in 2020.

Additionally, the firm distributed €170m back to its shareholders as dividends. The firm's shareholder base currently sees Investindustrial owning a 51% stake, while KKR holds the remaining 49%.

Previous funding
In 2009, Investindustrial acquired a 50% stake in PortAventura from Criteria Caixa, in a deal that saw the asset split into two separate companies.

Investindustrial bought a 50% stake in one of the businesses, comprising the Caribe aquatic park, the management of four hotels including Hotel PortAventura, Caribe Resort, Gold River and El Paso, and a congress centre. The second company, wholly owned by Criteria, included the remaining commercial and real estate assets, three golf courses and the Beach Club.

In November 2012, Investindustrial bought the remaining 50% stake in the firm. The buyer was widely reported to have paid around €120m for the shares, giving the firm an enterprise value of €439m.

In November 2013, KKR acquired a 49% stake from Investindustrial and, the following month, the company issued a €420m senior secured bond. The proceeds were used to pay the firm's private equity backers a €150m dividend, and to refinance around €270m of the company's debt.

Company
Founded in 1995 and based near Barcelona, PortAventura is an amusement park and tourist resort. In 2015, the company posted a €191m turnover with a €82.8m EBITDA.

People
Investindustrial – Andrea Bonomi (chair).

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• Topics
• Refinancing
• Consumer
• Southern Europe
• Refinancing
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• Investindustrial
• KKR