The Firm represented Cedar Fair, L.P. (“Cedar Fair”) in connection with a Rule 144A/Regulation S offering of $500 million aggregate principal amount of 5.375% senior unsecured notes due 2027 (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 refinanced its existing credit facilities and entered into a new $750 million seven-year senior secured term loan facility and a new $275 million five-year senior secured revolving credit facility (together, the “New Credit Facilities”). Cedar Fair used the net proceeds from the offering of the Notes and proceeds from the New Credit Facilities to redeem all of its 5.25% senior unsecured notes due 2021, to repay in full all amounts outstanding under its existing secured credit facilities, as well as accrued interest and transaction fees and expenses, and for general corporate purposes.
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The company owns and operates 11 amusement parks including its flagship park, Cedar Point, along with two outdoor water parks, one indoor water park and five hotels.
The Simpson Thacher team for the transaction included Risë Norman, Matthew Levy, Tadashi Okamoto and Brian E. Jones (Capital Markets); Brian Gluck, Homin Lee, Benjamin Baucom and Jessie Chen (Banking and Credit); Timothy Mulvihill (Environmental); Jennifer Pepin (Executive Compensation and Employee Benefits); Steven DeLott (Insurance); JaeWon Lee (Intellectual Property); Krista McManus (Real Estate); Mark Chorazak (Bank Regulatory); and Sophie Staples and Christopher Murray (Tax).