Credit Agreement Amendment Reduces Six Flags' Borrowing Costs
December 20 2016 - 5:00PM
Business Wire
Six Flags Entertainment Corporation (NYSE: SIX), the world’s
largest regional theme park company, today announced that its bank
lenders have approved a reduction to the borrowing rate on the
company’s $545 million Term Loan B Credit Facility.
The overall borrowing rate was reduced by one-quarter of one
percent, moving from a rate of 2.50 percent plus LIBOR to a rate of
2.25 percent plus LIBOR, with the elimination of the minimum LIBOR
rate requirement. Excluding the cost to execute the transaction,
the lower borrowing rate will save the company approximately $1.4
million annually in interest costs.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation is the world’s largest
regional theme park company with $1.3 billion in revenue and 18
parks across the United States, Mexico and Canada. For 55 years,
Six Flags has entertained millions of families with world-class
coasters, themed rides, thrilling water parks and unique
attractions. For more information, visit www.sixflags.com.
Forward-Looking
Statements
The information contained in this release, other than historical
information, consists of forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act. These statements may involve risks and
uncertainties that could cause actual results to differ materially
from those described in such statements. These risks and
uncertainties include, among others, (i) the adequacy of cash flows
from operations, available cash and available amounts under our
credit facilities to meet our future liquidity needs, (ii) our
ability to roll out our capital enhancements in a timely and cost
effective manner, (iii) our ability to improve operating results by
implementing strategic cost reductions, and organizational and
personnel changes without adversely affecting our business, (iv)
our operations and results of operations, and (v) the risk factors
or uncertainties listed from time to time in the company’s filings
with the Securities and Exchange Commission ("SEC"). In addition,
important factors, including factors impacting attendance, such as
local conditions, contagious diseases, events, disturbances and
terrorist activities; recall of food, toys and other retail
products sold at our parks; risk of accidents occurring at the
company’s parks or other parks in the industry and adverse
publicity concerning our parks or other parks in the industry;
inability to achieve desired improvements and financial performance
targets set forth in our aspirational goals; adverse weather
conditions such as excess heat or cold, rain and storms; general
financial and credit market conditions; economic conditions
(including customer spending patterns); changes in public and
consumer tastes; construction delays in capital improvements or
ride downtime; competition with other theme parks and other
entertainment alternatives; dependence on a seasonal workforce;
unionization activities and labor disputes; laws and regulations
affecting labor and employee benefit costs, including increases in
state and federally mandated minimum wages, and healthcare reform;
pending, threatened or future legal proceedings and the significant
expenses associated with litigation; cyber security risks and other
factors could cause actual results to differ materially from the
company’s expectations. Although the company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will be
realized and actual results could vary materially. Reference is
made to a more complete discussion of forward-looking statements
and applicable risks contained under the captions "Cautionary Note
Regarding Forward-Looking Statements" and "Risk Factors" in the
company’s Annual and Quarterly Reports on Forms 10-K and 10-Q, and
its other filings and submissions with the SEC, each of which are
available free of charge on the company’s investor relations
website at www.investors.sixflags.com and on the SEC’s website at
www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20161220006054/en/
Six Flags Entertainment CorporationStephen Purtell,
+1-972-595-5180Senior Vice PresidentInvestor Relations and
Treasurerspurtell@sftp.com
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