Cedar Fair Entertainment Company Announces Full Redemption of All Outstanding 5.375% Notes Due June 2024
November 17, 2021 at 07:00 am EST
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Cedar Fair Entertainment Company announced a full redemption of its 5.375% Notes due June 2024 issued pursuant to an Indenture dated as of June 3, 2014. The Notes are scheduled to be redeemed on Dec. 17, 2021. As of the date of issuance of the redemption notice, there was $450,000,000 aggregate principal amount of such Notes outstanding. Zimmerman added that upon completion of the Notes redemption, Cedar Fair?s annual interest expense will total approximately $150 million. Pursuant to the terms of the Indenture, the Notes will be redeemed on the Redemption Date at a redemption price equal to 100.896% of the principal amount of the Redeemed Notes plus accrued and unpaid interest on the Redeemed Notes to, but excluding, the Redemption Date.
Cedar Fair, L.P. is a regional amusement park operator. The Company operates approximately 13 properties, consisting of 11 amusement parks, four separately gated outdoor water parks, and resort accommodations totaling more than 2,300 rooms and 600 luxury recreational vehicle (RV) sites. Its parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with rides and immersive entertainment. Its parks operate seasonally except for Knott's Berry Farm, which is typically open daily on a year-round basis. Its seasonal parks are generally open daily from Memorial Day until Labor Day. In addition to daily operations, its seasonal parks are open during select weekends, including at various properties in the fourth quarter for Halloween and winter events. Its Cedar Fairs parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.