Center Parcs Group, a vacation resort company that operates short-break vacation sites across England, plans to sell £830 million (US$1.06 billion) in bonds backed by its operational cash flow, according to S&P Global. Proceeds will be used to refinance existing debt and pay a dividend to a related firm.

Three tranches of notes will be issued in the transaction, CPUK Finance: £100 million of senior Class A4 notes with a preliminary BBB rating from S&P Global and two tranches totaling £730 million in subordinate Class B notes rated B. The class B tranches are £365 million each and have staggering expected maturities of August 2022 and August 2024. Interest is fully deferrable.

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