Blackstone refinances Center Parcs

The £1bn refinancing of Center Parcs replaced the previous debt structure and was secured against the company's current parks. Blackstone has committed a further £100m of new equity to finance the £250m construction of a fifth park.

RBS, Barclays, HSBC, and Lloyds Banking Group have supplied additional debt finance amounting to £150m.

Company
Center Parcs, established in 1987, operates four holiday parks throughout the UK. Based in Newark, UK, the company employs 6,000 staff. It recorded EBITDA of £131m from a £291m turnover in 2010/11.

People
Joseph Baratta is head of European private equity at Blackstone. Martin Dalby is chief executive of Center Parcs.

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