Posted Friday, July 16, 2010 1:08 AM | Contributed by Jeff
[Ed. note: This is a partial but unedited press release. -J]
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it priced $405 million aggregate principal amount of 9.125% senior unsecured notes due 2018 (the “Notes”) in a private placement. The Notes will be guaranteed by Cedar Fair’s wholly-owned subsidiaries.
Concurrently with the closing of this offering, which is expected to occur on July 29, 2010 and is subject to customary closing conditions, Cedar Fair intends to terminate its existing credit facilities and enter into a new $1,150 million senior secured term loan facility and a new $300 million senior secured revolving credit facility. Cedar Fair intends to use the net proceeds from the offering of the Notes, along with proceeds from the new senior secured credit facilities, to repay in full all amounts outstanding under its existing credit facilities.
Read the entire press release from Cedar Fair.