Cedar Fair to issue $500 million in senior unsecured notes

Posted Thursday, February 28, 2013 8:48 AM | Contributed by Jeff

[Ed. note: The following is an excerpt of a press release. -J]

Cedar Fair, L.P. (NYSE: FUN) (the "Company" or "Cedar Fair") today announced that it, together with its wholly owned subsidiaries Magnum Management Corporation ("Magnum") and Canada's Wonderland Company (together with Magnum, the "Co-Issuers"), intends to commence a private offering of $500 million aggregate principal amount of senior unsecured notes due 2021 (the "Notes"). Obligations under the Notes will be guaranteed by the Company's wholly-owned subsidiaries (other than the Co-Issuers). The Company intends to use the net proceeds of the offering, together with borrowings under its new senior secured credit facilities and cash on hand, to repay in full all amounts outstanding under its existing bank credit facilities. Completion of the offering is subject to, among other things, pricing and market conditions.

Read the entire press release from Cedar Fair.

Thursday, February 28, 2013 11:16 AM
LostKause's avatar

Can we get an expert to decipher what this means? It's like a foreign language to me.

Thursday, February 28, 2013 11:50 AM
James Whitmore's avatar

Instead of refinancing thier current debt with the banks, which is due 'soon', they will issue these notes. I think.


Thursday, February 28, 2013 11:50 AM

They are refinancing some of their debt. Replacing $1.4 million credit facility with a $885 million credit facility and $500 million in notes. Line of credit under the new facility is about the same as it is under the existing facility ($255 million versus $260 million). Rest is term debt.

Thursday, February 28, 2013 4:50 PM

It's still all Greek to me. Then I realized I don't care, I just wanna have fun at their parks :)


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