Center Parcs refinances with £490m CMBS

Centre Parcs, the UK holiday operator, is partially refinancing its debt with a £590m CMBS. The issue, CPUK Finance, is in two tranches of senior A notes: a five year, £350m piece carries a coupon of 2.667%, 135bps over the benchmark gilt while £140m of 10-year bonds are priced at spread of 165bps, a coupon of 3.588%.