Posted Thursday, August 6, 2009 9:37 AM | Contributed by Jeff
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has received consent from its lenders to amend its credit agreement. It also announced that lenders holding $900 million of its term debt will extend the maturity date of their commitments by two years. The extended term debt will mature in 2014 and bears a rate of LIBOR plus 4.0%.
“Our lender group has been supportive of our business strategy, and we are pleased that we’ve received their consent to amend and extend our credit agreement,” said Dick Kinzel, Cedar Fair’s chairman, president and chief executive officer. “The overall success of this transaction, including the ability to upsize the amount of the extended credit to $900 million, shows our lenders’ commitment and confidence in the long-term success of our business.”
The amendment will, among other things:
Other terms of the amendment include a reduction in the Company’s existing $345 million revolving credit facilities, including a $30 million reduction in its U.S. facility and a $5 million reduction in its Canadian facility.
Read the entire press release from Cedar Fair.