Cedar Fair to price $500 million 10-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., June 18 – Cedar Fair, LP plans to price a $500 million offering of 10-year senior notes (existing ratings B1/BB-) in a quick-to-market Tuesday trade, market sources say.

Initial price talk is in the 5 5/8% area, a trader said.

J.P. Morgan Securities LLC is the lead bookrunner for the Rule 144A and Regulation S offering.

The notes come with five years of call protection.

The Sandusky, Ohio-based amusement-resort operator plans to use the proceeds for the proposed acquisition of Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston, the purchase of the land upon which California’s Great America amusement park is located, to pay down its senior secured revolving credit facility and for general corporate purposes.

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