Cedar Fair launches $885 million credit facility to investors

By Sara Rosenberg

New York, Feb. 20 - Cedar Fair LP held a call at 2 p.m. ET on Wednesday to launch an $885 million credit facility, according to a market source.

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

The facility consists of a $255 million five-year revolver and a $630 million seven-year term loan B, the source said.

Price talk on the term loan B is Libor plus 250 basis points to 275 bps with a 0.75% Libor floor and an original issue discount of 993/4, the source continued.

The B loan has 101 soft call protection for one year.

Proceeds will be used to refinance a portion of the company's existing $1.13 billion term loan.

Other funds for the refinancing will come from senior unsecured debt.

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

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