Cedar Fair gets extension on credit facilities

Posted | Contributed by Jeff

From the press release:

Cedar Fair Entertainment Company (NYSE:FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced the Company has entered into an amendment in respect of its Credit Facilities to amend the terms thereof to, among other things, further suspend and revise certain of the financial covenants thereunder by an additional year, and provide the ability to incur incremental debt. Under the terms of the Credit Facilities amendment, the covenant waiver period has been extended from the fourth quarter of 2020 to the fourth quarter of 2021, and the covenant modification period has been extended by one year through the end of 2022.

“As market visibility beyond 2020 remains unclear, the one-year extension of both the covenant waiver period and the covenant modification period, combined with the actions we have taken in response to the COVID-19 crisis, provide us additional financial flexibility should we potentially need to manage through a longer than anticipated period of disruption resulting from the pandemic,” said Richard Zimmerman, Cedar Fair President and CEO. “We greatly appreciate the unwavering support of our long-tenured banking group as we better position ourselves for a recovery to historical performance levels. Our priority remains reopening all of our parks for the 2021 season, driving growth in our core business and reducing our net leverage ratio.”

Read the entire press release from Cedar Fair.

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