SANDUSKY — Amusement Park chain Cedar Fair LP said Friday it has reached a lending agreement with its creditors that will allow it to reap an annual savings of $18 million at current interest rates and pay a higher dividend this year.
The agreement gives the Sandusky company “flexibility surrounding distribution payments” and will increase funds earmarked for 2011 dividends to $60 million from a previous $20 million.
Cedar Fair said it plans to pay a $1-a-share dividend in 2011, provided revenues from its 10 parks, seven water parks, and hotels reach expectations. In November, Cedar Fair said it planned to pay 32 cents a share in 2011, starting with an 8-cent dividend in March.
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