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SeaWorld to redeem up to $450 million of 9˝% notes due 2025
Chicago, Aug. 12 – SeaWorld Entertainment, Inc. plans to redeem up to $450 million of its 9˝% second-priority senior secured notes due 2025 with the proceeds from a new offering of notes, according to a press release.
SeaWorld sold $500 million of the notes in July 2020.
The company redeemed $50 million of the notes in June 2021, according to the Prospect News archive.
There was a special redemption provision that enabled 10% of the notes to be redeemed each year at 103 during the non-call period.
The notes can be called starting in Feb. 1, 2022 at 104.75. Before that date, there is a make-whole call with a Treasuries plus 50 basis points premium.
Proceeds from the new offering will also be used to refinance the company’s existing term loan and revolver.
SeaWorld is an Orlando, Fla.-based theme park and entertainment company.
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