Cedar Fair, L.P. Announces Successful Closing of $1.0 Billion Term Loan B and $300 Million Revolving Credit Facility
May 01, 2024 at 09:05 pm
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Cedar Fair, L.P. announced it has entered into new credit facilities, comprising of a 7-year $1.0 billion senior secured term loan B maturing in 2031 and a new $300 million revolving credit facility maturing in 2028. Cedar Fair is using the proceeds from the new term loan and cash on hand to fund the previously announced redemption of all of its outstanding $1.0 billion 5.500% Senior Secured Notes due in May 2025 on May 2, 2024, and to pay related expenses of the refinancing. The new revolving credit facility will replace Cedar Fair?s existing revolving credit facility.
The interest rate for the term loan will be Term SOFR plus a margin of 2.00% per annum. The interest rate for borrowings under the revolving credit facility will be Term SOFR or Term CORRA plus a margin of 2.00% per annum. The New Credit Facilities are subject to customary affirmative, negative and financial covenants.
Cedar Fair, L.P. is a regional amusement park operator. The Company operates approximately 13 properties, consisting of 11 amusement parks, four separately gated outdoor water parks, and resort accommodations totaling more than 2,300 rooms and 600 luxury recreational vehicle (RV) sites. Its parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with rides and immersive entertainment. Its parks operate seasonally except for Knott's Berry Farm, which is typically open daily on a year-round basis. Its seasonal parks are generally open daily from Memorial Day until Labor Day. In addition to daily operations, its seasonal parks are open during select weekends, including at various properties in the fourth quarter for Halloween and winter events. Its Cedar Fairs parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.
CEDAR FAIR, L.P. 
