Cedar Fair Entertainment Company successfully completed the refinancing of its existing senior secured credit facilities with new senior secured credit facilities, consisting of a five-year, $255 million revolving credit facility and a seven-year, $630 million term loan. In connection with the senior secured credit facilities, the company simultaneously completed the previously announced offering of eight-year, $500 million senior unsecured notes. An SEC 8-K indicates JP Morgan Chase is administrative agent and collateral agent for the credit facilities.

"I am very pleased with the low cost and flexibility provided by the new agreement," said Matt Ouimet, Cedar Fair's president and chief executive officer. "Our three consecutive years of record performance and continued reduction of debt created the opportunity to lock in historically low rates, extend maturities, maximize capital structure flexibility and materially reduce senior secured debt. We truly appreciate the strong support and confidence of our relationship banks and the debt capital markets."

The refinancing meaningfully extends the maturities of the company's debt, with the revolving credit facility maturing in March 2018 and the senior secured term loan maturing in March 2020. "We received strong market demand for both the senior secured credit facilities and senior unsecured notes allowing us to lock-in very favorable rates," added Brian Witherow, Cedar Fair's executive vice president and chief financial officer. "This refinancing not only enables us to take advantage of low rates available in the credit markets, but also meaningfully improves our financial flexibility leaving us well positioned to capitalize on opportunities in the future."

The interest rate for the $630 million senior secured term loan will be LIBOR plus a margin of 2.50% per annum, with a LIBOR floor of 0.75%. The interest rate for borrowings under the $255 million revolving credit facility will be LIBOR plus a margin of 2.25% per annum. The 2013 senior secured credit facilities are subject to customary affirmative, negative and financial covenants.

Cedar Fair is a publicly traded partnership headquartered in Sandusky, OH, and one of the largest regional amusement-resort operators in the world. The company owns and operates 11 amusement parks, four outdoor water parks, one indoor water park and five hotels. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also operates the Gilroy Gardens Family Theme Park in California under a management contract.