The Firm represented Cedar Fair, L.P. (“Cedar Fair”) in restructuring its secured bank and high yield debt profile. The concurrent refinancing transactions by Cedar Fair included (i) the termination of its existing senior secured credit facilities and the entry into a new $630 million senior secured term loan credit facility and a new $255 million senior secured revolving credit facility; and (ii) a private placement, including registration rights for the investors, of $500 million aggregate principal amount of 5.25% Senior Notes due 2021 conducted in reliance on Rule 144A and Regulation S.
Cedar Fair used the net proceeds of the debt offering, together with borrowings under its new senior secured credit facilities and cash on hand, to repay in full all amounts outstanding under its existing credit facilities.
Cedar Fair is one of the largest regional amusement-resort operators in the world. It owns and operates 11 amusement parks, four outdoor water parks, one indoor water park and five hotels.
The Simpson Thacher team for these transactions included Risë Norman, Louie Pastor and Ryan Song (Capital Markets); Alden Millard, Brian Gluck and Seth Niedermayer (Banking and Credit); Timothy Mulvihill (Environmental); Andrea Wahlquist and Jennifer Pepin (Executive Compensation and Employee Benefits); Steven DeLott (Insurance); Mindy Lok and Jodie Pimentel (Intellectual Property); Krista McManus (Real Estate); Abram Ellis (OFAC); Mark Chorazak (Bank Regulatory); and Robert Holo and Sophie Staples (Tax).
