CEDAR FAIR L P: debt financing — Cedar Fair closes $1.0B term loan B and $300M revolver; redeems 5.5% 2025 notes

CEDAR FAIR L P

Entered into $1.0B senior secured term loan B maturing 2031 and $300M revolver maturing 2028.
Proceeds from term loan and cash on hand used to redeem all $1.0B of 5.500% Senior Secured Notes due 2025.
Term loan bears Term SOFR plus 2.00%; revolver bears Term SOFR or CORRA plus 2.00%.
Existing revolving credit facility replaced; Goldman Sachs served as lead arranger.
CFO cited 'strong balance sheet and 2023 performance' as enabling favorable terms.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

CEDAR FAIR L P incurred revolving credit of $300.0 million revolving credit facility with Wells Fargo Bank, National Association at Term SOFR or Term CORRA plus a margin of 2.00% per annum or base rate or Canadia maturing February 10, 2028.

Instrument: revolving credit
Principal: $300.0 million revolving credit facility
Counterparty: Wells Fargo Bank, National Association
Rate: Term SOFR or Term CORRA plus a margin of 2.00% per annum or base rate or Canadia
Maturity: February 10, 2028
Event: incurrence

Exact text from the filing

a $300.0 million revolving credit facility maturing in 2028 (the "Revolving Credit Facility"

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

CEDAR FAIR L P incurred credit facility of $1.0 billion senior secured term loan B with Wells Fargo Bank, National Association at Term SOFR plus a margin of 2.00% per annum or base rate plus a margin of 1.00% p maturing May 1, 2031.

Instrument: credit facility
Principal: $1.0 billion senior secured term loan B
Counterparty: Wells Fargo Bank, National Association
Rate: Term SOFR plus a margin of 2.00% per annum or base rate plus a margin of 1.00% p
Maturity: May 1, 2031
Event: incurrence

Exact text from the filing

Wells Fargo Bank, National Association, as administrative agent and collateral agent. The New Credit Agreement governs Cedar Fair’s new credit facilities, comprising of a 7-year $1.0 billion senior secured term loan B maturing in 2031 (the “Term Loan”) and a $300.0 million revolving credit facility maturing in 2028 (the “Revolving Credit Facility” and, together with

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

CEDAR FAIR L P entered into New Credit Agreement with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent valued at $1.0 billion senior secured term loan B and $300.0 million revolving credit facility (effective 2024-05-01).

Action: entry
Agreement: credit facility
Counterparty: the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent
Value: $1.0 billion senior secured term loan B and $300.0 million revolving credit facility
Effective: 2024-05-01

Exact text from the filing

On May 1, 2024, Cedar Fair, L.P. (“Cedar Fair”) entered into a credit agreement, dated as of May 1, 2024 (the “New Credit Agreement”), by and among Cedar Fair, Canada’s Wonderland Company (“Canada’s Wonderland”) and Millennium Operations LLC (“Millennium Operations”, and, collectively with Cedar Fair and Canada’s Wonderland, the “Borrowers”), the other subsidiary borrowers party thereto, the guarantors party thereto, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent.

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Source: SEC EDGAR

accession 0001193125-24-129363

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