SANDUSKY — Cedar Fair LP, which called off an acquisition this spring by Apollo Global Management, said Thursday it has sold $405 million in senior eight-year notes to help refinance debt.
The notes, which are backed by Cedar Fair's amusement park and water park subsidiaries, were sold to institutional investors. The Sandusky-based company said the notes' proceeds will be used to help refinance its existing $1.5 billion term debt and $216 million revolving credit account.
Cedar Fair said it plans to seek a new $1.15 billion loan and new $300 million revolving credit account. The company reportedly will meet with lenders today.
In a regulatory filing announcing the notes, Cedar Fair said that through June 27, its six-month revenues likely will fall between $290 million and $307 million, beating its $209.6 million half-year revenues of a year ago. The company said attendance at its parks was up 7 percent and out-of-park revenues 3 percent, but in-park guest spending fell 3 percent.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.