May 24 Spanish entertainment resort company PortAventura World has launched a €620m leveraged loan to refinance existing debt and pay a dividend to shareholders, banking sources said.

May 24 Spanish entertainment resort company PortAventura World has launched a €620m leveraged loan to refinance existing debt and pay a dividend to shareholders, banking sources said.Invest Industrial acquired PortAventura in 2011, selling a 49.9% stake to KKR in 2014, backed with €420m of bonds.It is now conducting a dividend recapitalisation that will refinance the existing bonds with term loan debt and pay a dividend to shareholders, looking to realise some value in the company.JP Morgan, KKR Capital Markets, BBVA, Nomura, HSBC, BNP Paribas and Credit Agricole are leading the deal, which is set to be shown to investors at a meeting on May 25, the sources said.The €620m seven-year term loan is guided to pay 375bp over Euribor with a 0% floor. It is rated B2/B-, the sources said.The loan will refinance a €150m floating rate bond and a €270m fixed rate bond that has non-call expiry in June, as well as pay the dividend and transaction costs, the sources said.

Established in 1995, PortAventura World is a fully integrated destination resort that comprises five themed hotels, two theme parks, a water park and a convention centre located 1 hour south of Barcelona. (Editing by Christopher Mangham)

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