Park Resorts Reaches Deal with Lenders

LONDON (Reuters) – Park Resorts, Britain’s second-largest caravan parks company, said on Wednesday it had secured a 325 million pound ($516 million) debt deal with lenders that include Lloyds Banking Group (LLOY.L).

Private equity-owned Park Resorts said the debt deal, which gives lenders a five percent stake in the company, had been restructured but headline terms remained unchanged.

Park Resorts has also agreed a separate 25 million pound debt facility to allow for investment in the company’s 37 parks.

GI Partners, which bought the firm from ABN AMRO’s private equity arm in 2007, will retain control of the company.

The 2007 acquisition was backed by 343 million pounds of financing arranged by Lloyds’ unit Bank of Scotland and Mizuho Financial Group Inc (8411.T).

The company, which was advised by Hawkpoint Partners, said caravan sales for the first half of the year had risen by more than 40 percent.

($1=.6301 Pound)

(Reporting by Tom Freke; Editing by Jason Neely)