Published: 6/27/2006

Cedar Fair proposes loan terms for purchase

SANDUSKY - Cedar Fair LP, owner of seven amusement parks including Cedar Point, proposed terms on $2.09 billion of loans to fund the purchase of the Paramount Parks unit of CBS Corp., said a person involved in the deal.

Cedar Fair wants a six-year term loan of about $1.75 billion and $350 million in revolving credit, both with interest proposed at 1.75 to 2 percentage points over the London interbank offered rate, said the person, who declined to be identified because the terms haven't been made public.

Bear Stearns Cos. and KeyCorp are arranging the financing. A Cedar Fair spokesman declined to comment. The firm agreed last month to buy Paramount Parks for $1.24 billion in cash, adding five parks in the United States and Canada.

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.