Cedar Fair to repay loan via new notes, amend financial covenants

By Marisa Wong

Los Angeles, April 20 – Cedar Fair Entertainment Co. said it intends to repay a portion of its term loan facility using proceeds from an offering of senior notes.

The company also announced that in connection with the notes offering it has received sufficient consents from lenders to amend its credit facilities, assuming the partial paydown occurs concurrently with the new issuance.

The amendments, among other things, suspend and revise some of the financial covenants under the credit facilities in response in part to the Covid-19 pandemic-related disruption that the company is experiencing in 2020, according to a press release.

Completion of the senior notes offering is subject to, among other things, the credit facility amendment.

Remaining funds from the new notes will be used for general corporate purposes and working capital purposes.

Cedar Fair is a Sandusky, Ohio-based amusement-resort operator.

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