SeaWorld draws remaining $187.5 million under revolver

By Wendy Van Sickle

Columbus, Ohio, March 23 – SeaWorld Parks & Entertainment, Inc., a direct wholly owned subsidiary of SeaWorld Entertainment, Inc., provided notice to its lenders on March 17 to borrow the remaining $187.5 million available under its revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company now has $312.5 million outstanding under its revolver and $19.9 million of outstanding letters of credit.

The company increased its borrowings under the revolver as a precautionary measure to increase its cash position, to provide liquidity for a sustained period and to preserve financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 outbreak.

Proceeds from the incremental borrowings are being held on the company’s balance sheet, resulting in total unrestricted cash and cash equivalents of approximately $202.6 million as of March 20.

The proceeds may in the future be used for working capital, general corporate or other purposes.

SeaWorld is an Orlando, Fla.-based theme park operator.

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