Park Resorts agrees debt deal

Park Resorts, Britain’s second-largest caravan parks company, said on Wednesday it had secured a £325m debt deal with lenders that include Lloyds Banking Group.

Private equity-owned Park Resorts said the debt deal, which gives lenders a 5% stake in the company, had been restructured but headline terms remained unchanged. GI Partners acquired the business in 2007 in a US$866m deal with ABN AMRO Capital

Park Resorts has also agreed a separate £25m 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 £343m of financing arranged by Lloyds’ unit Bank of Scotland and Mizuho Financial Group Inc.

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