Six Flags Entertainment Corp/OLD: debt financing — Six Flags issues $800M 7.25% notes due 2031, extends revolver to $500M, repurchases 92.85% of 2024 notes

Six Flags Entertainment Corp/OLD

Issued $800M aggregate principal of 7.250% Senior Notes due May 15, 2031; proceeds to repurchase 2024 notes.
Revolving credit facility upsized from $350M to $500M, maturity extended to May 2028; LIBOR replaced with Term SOFR.
Tender offer expired with $881.6M (92.85%) of 4.875% notes due 2024 validly tendered; purchased at $1,000.50 per $1,000 principal plus accrued interest.
New covenant: maximum senior secured leverage ratio steps down from 4.50x to 3.75x by Sept 2024.
Notes are senior unsecured, guaranteed by certain subsidiaries, rank effectively junior to secured debt.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Six Flags Entertainment Corp/OLD incurred senior notes of $800,000,000 with U.S. Bank Trust Company, National Association at 7.250% per annum maturing May 15, 2031.

Instrument: senior notes
Principal: $800,000,000
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.250% per annum
Maturity: May 15, 2031
Event: incurrence

Exact text from the filing

On May 3, 2023, Six Flags Entertainment Corporation (the “Company”) issued $800,000,000 of its 7.250% Senior Notes due 2031 (the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Six Flags Entertainment Corp/OLD amended Amendments with Six Flags Operations Inc., Six Flags Theme Parks Inc. (the “Borrower”) and the subsidiary guarantors valued at $500 million (effective 2023-05-03).

Action: amendment
Agreement: credit facility
Counterparty: Six Flags Operations Inc., Six Flags Theme Parks Inc. (the “Borrower”) and the subsidiary guarantors
Value: $500 million
Effective: 2023-05-03

Exact text from the filing

the Company, Six Flags Operations Inc., Six Flags Theme Parks Inc. (the “Borrower”) and the subsidiary guarantors entered into two amendments (the “Amendments”) to their existing second amended and restated senior secured credit facility

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Six Flags Entertainment Corp/OLD entered into Indenture with U.S. Bank Trust Company, National Association valued at $800,000,000 (effective 2023-05-03).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $800,000,000
Effective: 2023-05-03

Exact text from the filing

on May 3, 2023, Six Flags Entertainment Corporation (the “Company”) issued $800,000,000 of its 7.250% Senior Notes due 2031 (the “Notes”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-23-056058

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