Monday, Jul 25, 2016
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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.

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