SANDUSKY, Ohio, April 13, 2017 /PRNewswire/ -- Cedar Fair
Entertainment Company (NYSE: FUN), a leader in regional amusement
parks, water parks and active entertainment, today announced that
it has successfully completed the refinancing of its existing
senior secured credit facilities with new senior secured credit
facilities (the "2017 Senior Secured Credit Facilities"),
consisting of a five-year, $275
million revolving credit facility and a seven-year,
$750 million term loan. In
connection with the Senior Secured Credit Facilities, the company
simultaneously completed the previously announced offering of
10-year, $500 million senior
unsecured notes.
"I am very pleased with the low cost and flexibility provided by
the new agreement," said Matt
Ouimet, Cedar Fair's chief executive officer. "Our
seven consecutive years of record performance and a strong balance
sheet created the opportunity to lock in historically low rates,
extend maturities, and maximize capital structure
flexibility. We truly appreciate the strong support and
confidence of our relationship banks and the debt capital
markets."
The refinancing meaningfully extends the maturities of the
Company's debt, with the revolving credit facility maturing in
April 2022 and the senior secured
term loan maturing in April 2024. "We received strong market
demand for both the Senior Secured Credit Facilities and senior
unsecured notes allowing us to lock-in very favorable rates," added
Brian Witherow, Cedar Fair's
executive vice president and chief financial officer. "This
refinancing not only enables us to take advantage of low rates
available in the credit markets, but also meaningfully improves our
financial flexibility leaving us well positioned to capitalize on
opportunities in the future."
The interest rate for the $750
million senior secured term loan will be LIBOR plus a margin
of 2.25% per annum. The interest rate for borrowings under
the $275 million revolving credit
facility will be LIBOR or Canadian Dollar Offered Rate (the "CDOR")
plus a margin of 2.0% per annum. The 2017 Senior Secured
Credit Facilities are subject to customary affirmative, negative
and financial covenants.
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: "FUN"), one of the
largest regional amusement-resort operators in the world, is a
publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to
become "THE place to be for FUN," the Company owns and operates 11
amusement parks including its flagship park, Cedar Point, along with two outdoor water
parks, one indoor water park and five hotels. It also operates an
additional theme park under a management contract. Its parks are
located in Ohio, California, North
Carolina, South Carolina,
Virginia, Pennsylvania, Minnesota, Missouri, Michigan and Toronto, Ontario.
Forward-Looking Statements
Some of the statements contained in this news release constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995, including statements as to the Company's
expectations, beliefs and strategies regarding the future.
These statements may involve risks and uncertainties that could
cause actual results to differ materially from those described in
such statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors, including
general economic conditions, adverse weather conditions,
competition for consumer leisure time and spending, unanticipated
construction delays, changes in the Company's capital investment
plans and projects, and other factors discussed from time to time
by the Company in reports filed with the Securities and Exchange
Commission (the "SEC") could affect attendance at our parks and
cause actual results to differ materially from the Company's
expectations. Additional information on risk factors that may
affect the business and financial results of the Company can be
found in the Company's Annual Report on Form 10-K and in the
filings of the Company made from time to time with the SEC. The
Company undertakes no obligation to correct or update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: Stacy Frole (419)
627-2227
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SOURCE Cedar Fair