Six Flags talks $800 million term loan B at Libor plus 200 bps

By Sara Rosenberg

New York, March 26 – Six Flags Theme Parks Inc. launched on Tuesday its $800 million seven-year term loan B with price talk of Libor plus 200 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Covenants include a maximum senior secured leverage of 4 times with step-downs to 3.75 times and 3.50 times at six quarter intervals.

Along with the term loan B, the company plans on getting a new revolving credit facility with a targeted size of $350 million.

Wells Fargo Securities LLC, Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA and J.P. Morgan Securities LLC are the lead banks on the deal.

Commitments are due at noon ET on April 9.

Expected credit facilities ratings are Ba1/BBB-.

Proceeds will be used to refinance an existing revolver and term loan B.

Six Flags is a Grand Prairie, Texas-based regional theme park company.

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