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Six Flags plans redemption of remaining 9¾% notes
New York, Dec. 15 - Six Flags, Inc. (B2/B) said that it plans to redeem the $122.5 million principal amount of its 9¾% senior notes due 2007 that will remain outstanding after a scheduled redemption of $301 million of the notes on Jan. 5.
The final redemption will be funded from a $130 million increase in its existing $600 million term loan that Six Flags announced Monday it is seeking.
The term loan increase and the related redemption of the remaining 9¾% notes are expected to occur in mid-January.
As previously announced, Six Flags, a New York based operator of theme parks and amusement parks, said on Dec. 2 that it would sell $300 million of new senior notes in a Rule 144Aoffering and use the net proceeds of the offering to redeem part of its 9¾% notes. High-yield syndicate sources said later in the day on Dec. 2 that the company had sold an upsized $325 million offering of new 9 5/8% senior notes due 2014.
Six Flags said it planned to call $280 million principal amount of the 9¾% notes out of the $422.6 million currently outstanding for redemption immediately following the closing of the offering of its new senior notes, and to redeem those existing notes 30 days after the closing date of the offering of its new senior notes.
On Dec. 5, Six Flags said that it had called for redemption $301.5 million principal amount of the 9¾% notes. It said the redemption would take place on Jan. 5, 2004, at the applicable redemption price of 104.875% of the principal amount, plus interest accrued up to the redemption date.
The call followed the company's announcement that it had officially closed its recent Rule 144A offering of $325 million new 9 5/8% senior notes due 2014.
Six Flags issued $430 million of the 9¾% notes in June 1999.
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