Cedar Fair firms spread on $1.175 billion loan at Libor plus 300 bps

By Sara Rosenberg

New York, Feb. 22 - Cedar Fair LP set pricing on its $1.175 billion term loan (Ba2/BB-) at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, and reduced the Libor floor to 1% from 1.25%, according to a market source.

The term loan is being offered at par and includes 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to reprice/refinance an existing term loan that was obtained in the summer of 2010 to refinance existing debt.

Pricing on the existing loan is Libor plus 400 bps with a 1.5% Libor floor, and it was sold at an original issue discount of 99.

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

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