Cedar Fair sets $630 million term B pricing at Libor plus 250 bps

By Sara Rosenberg

New York, March 1 - Cedar Fair LP firmed pricing on its $630 million seven-year term loan B at Libor plus 250 basis points, the tight end of the Libor plus 250 bps to 275 bps, according to a market source.

As before, the loan has a 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for one year.

The company's $885 million credit facility (Ba1/BB+) also includes a $255 million five-year revolver.

J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.

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 $500 million of senior unsecured notes.

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

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