SANDUSKY, Ohio, April 13, 2017 /PRNewswire/ -- Cedar Fair,
L.P. (NYSE: FUN) (the "Company" or "Cedar Fair") today announced
that it, together with its wholly owned subsidiaries Magnum
Management Corporation ("Magnum"), Canada's Wonderland Company ("Cedar Canada") and Millennium Operations LLC
("Millennium" and, together with Magnum and Cedar Canada, the "Co-Issuers"), has completed
the issuance of $500 million
aggregate principal amount of 5.375% senior unsecured notes due
2027 (the "Notes"). Obligations under the Notes are
guaranteed by Cedar Fair's wholly-owned subsidiaries (other than
the Co-Issuers).
Concurrently with the closing of this offering, Cedar Fair
refinanced its existing credit facilities and entered into a new
$750 million seven-year senior
secured term loan facility and a new $275
million five-year senior secured revolving credit facility
(together, the "New Credit Facilities"). Cedar Fair used the net
proceeds from the offering of the Notes and proceeds from the New
Credit Facilities to redeem all of its 5.25% senior unsecured notes
due 2021 (the "2021 Senior Notes"), to repay in full all amounts
outstanding under its existing secured credit facilities, as well
as accrued interest and transaction fees and expenses, and for
general corporate purposes.
The Notes were offered only to persons reasonably believed to be
qualified institutional buyers under Rule 144A of the Securities
Act of 1933, as amended (the "Securities Act"), and to certain
non-U.S. persons in transactions outside the United States under Regulation S of the
Securities Act. The Notes have not been registered under the
Securities Act, and, the Notes may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and other applicable securities
laws.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This news
release does not constitute a notice of redemption with respect to
the notes to be redeemed with the net proceeds of the offering.
About Cedar Fair
Cedar Fair, L.P. (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. You can
identify forward-looking statements because they contain words such
as "believes," "project," "might," "expects," "could," "propose,"
"would," "may," "will," "should," "seeks," "approximately,"
"intends," "plans," "estimates," or "anticipates" or similar
expressions that concern our strategy, plans or intentions. These
forward-looking statements are subject to risks and uncertainties
that may change at any time and, therefore, our actual results may
differ materially from those that we expected. While we believe
that the expectations reflected in such forward-looking statements
are reasonable, we caution that it is very difficult to predict the
impact of known factors, and it is impossible for us to anticipate
all factors that could affect our actual results. Important factors
that could cause actual results to differ materially from our
expectations are disclosed in our Annual Report on Form 10-K for
the year ended December 31,
2016, and in the filings of the Company made from time to
time with the SEC. We undertake no obligation to publicly update or
revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
Contact: Stacy Frole (419) 627-2227
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SOURCE Cedar Fair