Caledonia reaps dividend in £165m Park Holidays refinancing

The refinancing was led by Park Holidays' existing debt providers, a syndicate of banks comprising Santander, Barclays, HSBC, Lloyds and RBS.

Caledonia said the refinancing was a result of strong performance and would allow for a distribution of proceeds to all shareholders. Together with dividends paid out since Caledonia's acquisition in 2013, the refinancing means the GP has returned 48% of its original investment to its shareholders.

Previous funding
Caledonia bought Park Holidays in a £172m SBO from Graphite Capital in December 2013. Graphite netted 2.3x money on the caravan park operator it had acquired through a £130m BIMBO in January 2006.

Company
Coghurst-headquartered Park Holidays is an operator of 25 caravan parks in the south of England, which sells and rents caravans to holiday makers.

Founded as Cinque Ports Leisure in 1985 by Peter Bull and Jim Watson, the company was renamed Park Holidays in 2007 after it was bought by Graphite.

People
Duncan Johnson represented Caledonia.

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• Topics
• Refinancing
• UK / Ireland
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• Refinancing
• United Kingdom
• HSBC
• Santander
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