The Firm represented Cedar Fair, L.P. in restructuring its secured bank and high yield debt profile. The concurrent refinancing transactions by Cedar Fair, L.P. included (i) the termination of existing senior secured credit facilities and the entry into a new $1.175 billion term loan credit facility and a new $260 million revolving credit facility; and (ii) a private placement offering, including registration rights for investors, of $405 million of 9.125% Senior Notes due 2018 conducted in reliance on Rule 144A and Regulation S.
Cedar Fair used the net proceeds of the debt offering, together with borrowings under the new credit facilities to repay all outstanding borrowings under its existing credit facilities.
Cedar Fair is one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels.
The Simpson Thacher team for these transactions included Risë Norman, Dov Gottlieb, Ravi Purushotham and Sunny Cheong (Securities), Alden Millard, Jim Doyle and Joia Lee (Credit), Tim Mulvihill (Environmental), Jennifer Pepin (Executive Compensation & Employee Benefits), Steve DeLott (Insurance/Litigation), Parijat Sharma (Intellectual Property), Scott Dyer (Labor), Krista McManus and Heesun Kang (Real Estate), and Jennifer Klein (Tax). Paralegal Yvonne Colebank provided valuable assistance.