Six Flags replaces revolver, increases commitments by $150 million

Chicago, May 9 – Six Flags Entertainment Corp. announced that with Six Flags Operations Inc., Six Flags Theme Parks Inc. and the subsidiary guarantors, the company amended its revolving credit facility on May 3, according to an 8-K filing with the Securities and Exchange Commission.

The amendment established a $500 million replacement revolver maturing in May 2028 and refinanced the $350 million existing revolving credit commitments under the credit facility in full.

The interest margins will stay the same at 300 basis points to 350 bps, but the unused fee will be reduced to 50 basis points with a stepdown to 37.5 bps if the company’s senior secured leverage ratio becomes less than 1.25x.

The benchmark transitioned to SOFR from Libor.

The maximum senior secured leverage ratio was modified to 4.5x for the quarters during the first year, then will be 4.25x for the second year and then will be 3.75 for year three and thereafter.

Lenders on the facility are Wells Fargo Bank, NA, Bank of America, NA, JPMorgan Chase Bank, NA, Goldman Sachs Bank USA, PNC Bank, NA, Citizens Bank, NA, Barclays and HSBC Bank USA, NA.

All of the lenders were listed on the $350 million of commitments on the replacement revolver. For the incremental $150 million, all but HSBC participated.

Six Flags is an Arlington, Tex.-based regional theme park company.

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