The Firm represented Cedar Fair, L.P. (“Cedar Fair”) in connection with a Rule 144A/Regulation S offering of $1 billion aggregate principal amount of 5.5% senior secured notes due 2025 (the “Notes”) issued by Cedar Fair, Magnum Management Corporation, Millennium Operations LLC and Canada’s Wonderland Company, as co-issuers (“Co-Issuers”). Obligations under the Notes are guaranteed by Cedar Fair’s wholly owned subsidiaries (other than the Co-Issuers).
Concurrently with the closing of the offering, Cedar Fair amended its existing credit facilities to, among other things, suspend and revise certain of the financial covenants under its credit facilities. Cedar Fair used a portion of the net proceeds from the offering of the Notes to repay a portion of its term loan facility and intends to use the remaining amount for general corporate and working capital purposes including related fees and expenses. Additionally, Cedar Fair increased its existing $275 million revolving credit facility to $375 million.
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. Focused on its mission to make people happy by providing fun, immersive and memorable experiences, Cedar Fair 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.
The Simpson Thacher team for the transaction included Risë Norman, Matthew Levy, Ben Massey, Pinto Adhola and Frances Fuqua (Capital Markets); Brian Gluck and Kal Venkatraj (Banking and Credit); Soogy Lee and Janet Nadile (Collateral); Timothy Mulvihill (Environmental); Jeanne Annarumma and Alex Ellebrecht (Executive Compensation and Employee Benefits); Steven DeLott (Insurance); Lori Lesser and Bobbie Burrows (Intellectual Property); Krista McManus (Real Estate); and Jonathan Cantor and Abigail Hopper (Tax).