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Six Flags scraps tender for 5¼% notes due 2021, lacks needed consents
By Susanna Moon
Chicago, April 13 – Six Flags Entertainment Corp. terminated its tender for its 5¼% senior notes due 2021 after failing to meet the minimum consent condition to the offer.
Six Flags lacks the majority of consents needed to amend the notes in the concurrent solicitation, which was required to complete the tender, according to a company notice.
As a result, any consents given in the solicitation will be nullified and the tendered notes returned.
The company began tendering for the notes on March 30 at a price of $1,027.66 per $1,000 principal amount of notes tendered by the early tender deadline of 5 p.m. ET on April 12.
The company said it still plans to redeem the notes on April 29, however.
The redemption price will be 102.625% of par plus accrued interest through April 28, as previously noted.
The call is subject to a financing condition.
Six Flags closed its private offering of $1.2 billion principal amount of senior notes, including $700 million of its 4 7/8% senior notes due 2024 and $500 million of its 5½% senior notes due 2027, with proceeds to be used to redeem the 5¼% notes.
Proceeds also will be used for general corporate and working capital purposes, including share repurchases and transaction expenses.
The tender offer had been set to end at 11:59 p.m. ET on April 26.
As part of the offer, the company was soliciting consents to amend the note indenture to eliminate substantially all the restrictive covenants.
Wells Fargo Securities (866 309-6316 or 704 410-4760) is dealer manager and solicitation agent. D.F. King & Co., Inc. (800 967-7574, 212 269-5550 or sixflags@dfking.com) is information agent and tender agent.
Six Flags is a Grand Prairie, Texas, regional theme park operator.
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