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LONDON, Dec 15 (IFR) - Apax is looking to raise 1.2bn in leveraged loans and high-yield bonds to back its bid for Spanish theme park operator Parques Reunidos, according to banking sources.
The sources said that Apax is preferred bidder for the company, which private equity owner Arle Capital is looking to sell. Arle is keen to wrap up a sale before the Spanish general election on December 20, Reuters reported in October.
Sources said the debt package would leave Parques Reunidos with a 5.75x net debt to Ebitda ratio. It consists of a 900m-equivalent secured Term Loan B and 300m of unsecured high-yield bonds.
One source said that the term loan would be split into euros and US dollars, although a large institutional investor has agreed to take all of the dollar tranche.
Another source said that Credit Suisse is in line to lead the debt financing.
A spokesman from Credit Suisse declined to comment, as did a spokesman from Apax. (Reporting by Robert Smith; Editing by Philip Wright)