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SeaWorld Said to Seek $1.4 Billion Loan to Refinance Debt

SeaWorld Entertainment Inc., the Blackstone Group LP-controlled theme park operator that went public last month, is seeking a $1.4 billion term loan to refinance debt, according to a person with knowledge of the matter.

Bank of America Corp. is arranging the transaction for Orlando, Florida-based SeaWorld, which will pay interest at 2.5 percentage points more than the London interbank offered rate, with a 0.75 percent minimum on the lending benchmark, said the person, who asked not to be identified because the deal is private.

SeaWorld, famed for its killer whales named Shamu, is offering the loan to lenders at 99.75 cents to 100 cents on the dollar, the person said. Lenders are offered six months of 101 soft-call protection, meaning SeaWorld would have to pay a one cent premium to reprice the loan in its first year.

The debt, which will come due in 2020, will refinance a term loan A maturing in 2016 and a term B slice that expires in 2017, the person said.

Lenders must let Bank of America know by May 10 at noon in New York whether they will participate in the deal, the person said.

A $900 million term B piece and a $486 million B slice pay interest at 3 percentage points more than Libor, with a 1 percent floor, according to data compiled by Bloomberg.

Fred Jacobs, a spokesman for SeaWorld, didn’t immediately return an e-mail message seeking comment.

A term loan B is sold mainly to non-bank lenders such as collateralized loan obligations, bank loan mutual funds and hedge funds. A term loan A is sold mainly to banks.

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