Cedar Fair Announces Successful Closing of $1.0 Billion Term Loan B and $300 Million Revolving Credit Facility

Cedar Fair, L.P. (NYSE: FUN) (the “Company”), a leader in regional amusement parks, water parks, and immersive entertainment, today announced it has entered into new credit facilities (the “New Credit Facilities”), comprising of a 7-year $1.0 billion senior secured term loan B maturing in 2031 and a new $300 million revolving credit facility maturing in 2028.

Cedar Fair is using the proceeds from the new term loan and cash on hand to fund the previously announced redemption of all of its outstanding $1.0 billion 5.500% Senior Secured Notes due in May 2025 on May 2, 2024, and to pay related expenses of the refinancing. The new revolving credit facility will replace Cedar Fair’s existing revolving credit facility.

“We are very pleased with the solid execution of the transaction and strong market demand for our term loan,” said Cedar Fair CFO Brian Witherow. “The overall strength of our balance sheet and strong 2023 financial performance created an opportunity for us to extend maturities and gain capital structure flexibility at market-favorable rates. We appreciate the strong support and continued confidence of our relationship banks and the debt capital markets.”

The interest rate for the term loan will be Term SOFR plus a margin of 2.00% per annum. The interest rate for borrowings under the revolving credit facility will be Term SOFR or Term CORRA plus a margin of 2.00% per annum. The New Credit Facilities are subject to customary affirmative, negative and financial covenants.

Goldman Sachs served as lead arranger and Weil, Gotshal & Manges LLP represented Cedar Fair as borrower’s counsel. Additional joint lead arrangers on the deal are Wells Fargo Securities, LLC, PNC Capital Markets LLC, Citizens Bank, N.A., Fifth Third Bank, National Association, JPMorgan Chase Bank, N.A. through its agent J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Capital One, National Association, HSBC Securities (USA) Inc. and Texas Capital Bank.

About Cedar Fair

Cedar Fair Entertainment Company (NYSE: FUN), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to make people happy by providing fun, immersive, and memorable experiences, the Company owns and operates 13 properties, consisting of 11 amusement parks, four separately gated outdoor water parks, and resort accommodations totaling more than 2,300 rooms and more than 600 luxury RV sites. Cedar Fair’s parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.