Posted
[Ed. note: The following is an excerpt of a press release. -J]
Six Flags Entertainment Corporation (NYSE: SIX), the world's largest regional theme park company, announced today that its board of directors has approved a stock repurchase plan that permits the company to repurchase up to $60 million of common stock over a three-year time period.
"The decision to initiate a share repurchase plan reflects the board of director's confidence in the company's future capabilities," said Jim Reid-Anderson, Six Flag's Chairman, President and Chief Executive Officer. "We believe this plan is a sound use of our cash and a responsible way to enhance shareholder value."
In addition, Standard & Poor's announced today that it is raising the company's corporate credit rating to 'BB-', a one notch upgrade, which pursuant to the terms of the company's credit agreement immediately reduces the company's rate of borrowing on their senior term loan by 25 basis points.
Read the entire press release via PR Newswire.