Cedar Fair Announces Extension of Exchange Offer

Rhea-AI Summary

Cedar Fair, L.P. (NYSE: FUN) has announced an extension of the expiration date for its exchange offer of $300 million in aggregate principal amount of 6.500% Senior Notes due 2028. The new expiration is set for July 16, 2021, having been originally scheduled for July 13, 2021. As of July 12, 2021, holders had tendered $218.31 million of the outstanding notes. The exchange will facilitate the transition from unregistered to registered securities, aiming to enhance liquidity for investors.

Positive

• Extension of the exchange offer provides more time for investors, potentially increasing participation.
• Substantial amount tendered ($218.31 million) reflects strong interest from holders of the notes.

Negative

• None.

Cedar Fair, L.P. (“Cedar Fair”), Canada’s Wonderland Company, Magnum Management Corporation and Millennium Operations LLC (NYSE: FUN) announced today that they have extended the expiration date of their offer to exchange up to $300,000,000 in aggregate principal amount of its registered 6.500% Senior Notes due 2028 for their $300,000,000 in aggregate principal amount of outstanding unregistered 6.500% Senior Notes due 2028 that were issued in a private offering in October 2020.

The exchange offer was originally scheduled to expire at 5:00 p.m. (Eastern Standard Time) on July 13, 2021 but will now expire at 5:00 p.m. (Eastern Standard Time) on July 16, 2021. As of the close of business on July 12, 2021, $218,310,000 in aggregate principal amount of outstanding unregistered 6.500% Senior Notes due 2028 had been validly tendered to the exchange agent by the holders thereof.

The exchange agent for the exchange offer is The Bank of New York Mellon, Corporate Trust Operations—Reorganization Unit, Attn: Tiffany Castor, 111 Sanders Creek Parkway, East Syracuse, NY 13057.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation, or sale of any securities in any jurisdiction where such an offering or sale would be unlawful.

About Cedar Fair

Cedar Fair, one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to make people happy by providing fun, immersive and memorable experiences, the Company 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. Cedar Fair’s parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario. The Company also operates an additional theme park in California under a management contract.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210713005276/en/

FAQ

What was the original expiration date for Cedar Fair's exchange offer of Senior Notes?

The original expiration date was July 13, 2021.

What is the new expiration date for Cedar Fair's exchange offer?

The new expiration date is July 16, 2021.

How much has been tendered in Cedar Fair's exchange offer as of July 12, 2021?

$218.31 million in aggregate principal amount of outstanding unregistered notes has been tendered.

What type of securities is Cedar Fair exchanging in the offer?

Cedar Fair is exchanging unregistered 6.500% Senior Notes due 2028 for registered notes.

Who is the exchange agent for Cedar Fair's exchange offer?

The exchange agent is The Bank of New York Mellon.