Posted Thursday, July 15, 2004 11:02 AM | Contributed by Jeff
Cedar Fair, LP announced today the issue of 2.4 million units priced at $30 each to help pay back some of the debt incurred in the purchase of Geauga Lake earlier this year.
Read the press release from Cedar Fair.
Brian Noble
Thursday, July 15, 2004 12:49 PM
This dilutes holdings only by about 5%, but still looks to be offered at a slight premium to yesterday's close, if I'm figuring correctly (95% of 30.88 is about 29.3.)
mammal666
Thursday, July 15, 2004 2:02 PM
Are these publically traded shares, or privately held?
Vernon
Thursday, July 15, 2004 2:17 PM
public
Jeff
Thursday, July 15, 2004 3:26 PM
Units down .77 to 30.11 as of right now. The real issue is whether or not they'll be able to maintain their distribution, which they said would be no problem and that it should actually go up from here on out. I guess it depends on how well Geauga Lake does.
MagnumAllan
Thursday, July 15, 2004 6:27 PM
I'm sure they'll meet the distribution regardless of how well the parks do, within reason. I'm glad this happened since it seems to be driving the price down (probably through at least tomorrow) so I can jump in and get some more. Once Castaway Bay starts providing earnings and KBF, DP, and WOF (just a guess?) open their new B&Ms and hopefully jump in attendance, CF may be up for a while to come.
Trick Track
Thursday, July 15, 2004 9:07 PM
check out
www.nyse.com to Cedar Fair president Richard Kinzel ring the opening bell. The picture will probably be up only today. Unless the archive it.
*** This post was edited by Trick Track 7/15/2004 9:12:42 PM ***
Jeff
Thursday, July 15, 2004 9:14 PM
Here's the more permanent link.
