Merlin Entertainments is expected to announce a refinancing of more than £600 million of existing debts on Thursday.
Sky News reports that the deal is understood to be secured against Merlin’s London properties, including the Eye and Dungeon attractions.
Merlin denied that the refinancing had been concluded but would not comment further, the Sky report added.
The company reported a £56 million loss for 2025, which also saw the Madame Tussauds brand devalued by £262 million.
Madame Tussauds was previously devalued by £163 million in 2024, and a sale of Sea Life Centres failed last year.
Also in 2025, Merlin also sold off its Lego & Legoland Discovery Centres for £200 million.
Meanwhile, the Moody’s credit rating agency lowered Merlin’s credit rating to Caa1, a speculative investment grade known as a “junk” rating.
Investment bank PJT Partners has reportedly been advising Merlin Entertainments on the new debt deal, which would pay off existing loans and refinance them at new interest rates, for new timeframes, and all secured against Merlin properties.