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Six Flags talks $850 million eight-year secured notes at 6¾% area; pricing Thursday
By Paul A. Harris
Portland, Ore., April 18 – Six Flags Entertainment Corp. and Six Flags Theme Parks Inc. talked their $850 million offering of senior secured notes due 2030 (Ba2/BB) in the 6¾% area on Thursday, according to market sources.
Talk comes tight to initial guidance in the high-6% to 7% area.
The deal was heard to be playing to $2.3 billion of demand on Thursday morning, a trader said.
Books close at noon ET on Thursday, and the deal is set to price and allocate thereafter.
The Rule 144A and Regulation S for life notes become subject to an initial call after three years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period.
Goldman Sachs & Co. LLC is the left bookrunner. Wells Fargo Securities LLC, PNC Capital Markets LLC, Citizens JMP Securities LLC, Fifth Third Securities Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Capital One Securities Inc., HSBC Securities (USA) Inc. and Texas Capital are the joint bookrunners.
Proceeds from the notes’ sale will be used to pay off the $479 million term loan B, as well as $180 million outstanding under the revolver and up to $165 million of 2025 notes. The remainder of the proceeds, plus other sources of cash, will go for general corporate purposes, including but not limited to working capital, operating expenses, capital expenditures, debt service requirements, and payment of the pre-merger special dividend.
Six Flags, an Arlington, Tex.-based theme park operator, underwent a merger of equals with Sandusky, Ohio-based regional amusement-resort operator Cedar Fair Entertainment Co. in November 2023. The combined company will operate as Six Flags.
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