Cedar Fair sells land next to Canada's Wonderland, will use proceeds to retire debt

Posted Thursday, July 23, 2009 9:48 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 finalized an agreement to sell its undeveloped land adjacent to Canada’s Wonderland near Toronto.

“I am pleased to say that all conditions have been met and we are now moving forward to complete the sale of 87 acres of surplus land near Toronto to the Vaughan Health Campus of Care,” said Dick Kinzel, Cedar Fair’s chairman, president and chief executive officer. “The sale of this land is another step in our commitment to reduce our debt and strengthen our financial position for the long term.”

The Company anticipates the transaction will close in the third quarter and the net proceeds of approximately $50 million will be used entirely to reduce its term debt. Further details regarding this transaction were not disclosed.

Read the entire press release from Cedar Fair.

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