On April 27, 2020, Cedar Fair Entertainment Company (the “Company” or “Cedar Fair”) announced that it, together with its wholly owned subsidiaries Magnum Management Corporation (“Magnum”), Canada’s Wonderland Company (“Cedar Canada”) and Millennium Operations LLC (“Millennium” and, together with the Company, the “Issuers”), completed an offering of US$1.0 billion aggregate principal amount of 5.500% senior secured notes due 2025 (the “Notes”). Obligations under the Notes will be guaranteed by the Company’s wholly owned subsidiaries that guarantee its senior secured credit facilities (other than the Magnum, Cedar Canada and Millennium) (the “Credit Facilities”). The Company intends to use a portion of the net proceeds of the offering to repay a portion of its term loan facility and the remaining amount for general corporate and working capital purposes, including fees and expenses related to the transaction. The notes and the guarantees will be secured by first-priority liens on the Issuers’ and the guarantors’ assets that secure all the obligations under the Credit Facilities.
Fasken advised Cedar Fair and the other Issuers in completing this transaction with a team comprised of John Sabetti (Lead – Corporate Finance), Jon Holmstrom (Lead - Banking), Stuart Brotman (Insolvency), Mitchell Thaw(Tax) and Dan Law (Real Estate).
