SANDUSKY, Ohio, March 14, 2018 /PRNewswire/ -- Cedar Fair
Entertainment Company (NYSE: FUN), a leader in amusement parks,
waters parks and immersive entertainment, today announced that its
lenders have approved a reduction to the borrowing rate on the
Company's $735 million Term Loan B
Credit Facility. The overall borrowing rate was reduced by
0.50%, moving from a rate of LIBOR plus a margin of 2.25% to a rate
of LIBOR plus a margin of 1.75%. Excluding the cost of the
transaction, the lower borrowing rate will save the Company
approximately $3.7 million annually
in interest costs.
"The long-term strength of our business model and strong balance
sheet created the opportunity to further reduce our borrowing
rates," said Brian Witherow, Cedar
Fair's Executive Vice President and Chief Financial Officer.
"We generate a significant amount of free cash flow and this
amendment contributes further to our ability to consistently
increase our distributions to unitholders while also investing in
our business. We believe we are well positioned to capitalize
on opportunities in the future to generate solid returns for our
investors for many years to come."
All other material terms and provisions of the Term Loan B
Credit Facility remain substantially the same. Additional
details on the above described amendment are set forth in a Current
Report on Form 8-K that was filed with the Securities and Exchange
Commission today.
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 four 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 the 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 the
Company's 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.
This news release and prior releases are available online
at http://ir.cedarfair.com
Contact: Stacy Frole
419.627.2227
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SOURCE Cedar Fair Entertainment Company