(Bloomberg) -- SeaWorld Parks & Entertainment Inc. has postponed its planned refinancing of a $1.55 billion term loan, the second in the US leveraged loan market Monday, as volatility disrupts markets globally.
JPMorgan Chase & Co. was leading the deal, which launched on July 29. The theme-park operator was seeking to extend a loan due in 2028 by three years and potentially lower the margin from 250 basis points to 200 basis points.
The proposed refinancing was pulled from syndication Monday afternoon, said people with knowledge of the matter who asked not a be identified as the details are private. A SeaWorld representative didn’t immediately respond to a request for comment and JPMorgan declined to comment.
SeaWorld was most recently in the leveraged loan market in April, adding $380 million to the initial $1.17 billion repricing it undertook in January and was seeking to refinance with this latest deal. However, the company last August withdrew a proposed five-year term loan.
TD Securities on Monday morning delayed a $2.3 billion term-loan repricing for wireless infrastructure provider SBA Communications Corp. because of market conditions, Bloomberg News earlier reported.
The postponed transactions comes as broader markets have wobbled in the wake of a global equities rout that started Friday following a disappointing US employment report. There’s been a selloff in riskier corners of many asset classes, with average secondary prices for US leveraged loans falling on Friday by the most since March 2023.
Shares of SeaWorld parent United Parks & Resorts fell 15% last week in their biggest drop since 2020.
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