Cedar Fair pushes out $300 million revolver, converts to SOFR

By Wendy Van Sickle

Columbus, Ohio, Feb. 10 – Cedar Fair Entertainment Co. amended its credit agreement on Friday to extend the termination date of the $300 million of revolving loans to Feb. 10, 2028, according to an 8-K filing with the Securities and Exchange Commission.

However, the maturity date will be Jan. 30, 2025 if at least $200 million of Cedar Fair’s senior secured notes due 2025 remain outstanding at that date or Jan. 14, 2027 if at least $200 million of Cedar Fair’s senior secured notes due 2027 remain outstanding at that date.

Friday’s amendment also converted the interest basis to term SOFR with a credit spread adjustment of 10 basis points from Libor and made some other amendments to provide Cedar Fair with greater covenant flexibility, including modifying the requirement for the financial maintenance covenant to be tested at the end of any fiscal quarter to apply only if any revolving loans are outstanding as of such date.

JPMorgan Chase Bank, N.A., as administrative agent.

Wells Fargo Bank, NA, Keybank NA and Fifth Third Bank, NA are the lead arrangers and bookrunners.

Wonderland Co., Magnum Management Corp. and Millennium Operations LLC are additional borrowers.

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

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