Six Flags starts any-and-all tender offer for 4 7/8% notes due 2024

Chicago, April 26 – Six Flags Entertainment Corp. started an any-and-all tender offer for its 4 7/8% senior notes due 2024 (Cusips: 83001AAB8; U82767AB7) on Wednesday, according to an offer document.

The company is offering to buy the notes for a $1,000.50 tender consideration per $1,000 note. Accrued interest will also be paid.

There are $949.49 million of the notes outstanding.

If noteholders tender less than $800 million of their notes, Six Flags issued a conditional notice of redemption that will take effect. The company will buy $800 million of the notes at par if the tender offer does not meet that threshold, and conditionally if a new notes offer is completed.

The tender offer is subject to the same financing condition, namely the successful completion of a new offering of notes.

Funding for the tender offer is coming from the new notes with cash and revolver borrowings.

The tender offer expires at 5 p.m. ET on May 2, also the withdrawal deadline. The payment date is expected to be May 3.

There are guaranteed delivery procedures. Notes tendered using those procedures need to be provided by 5 p.m. ET on May 4.

The dealer manager for the tender offer is Wells Fargo Securities (866 309-6316, 704 410-4756, liabilitymanagement@wellsfargo.com).

D.F. King & Co., Inc. is the information and tender agent for the offer (800 859-8509, 212 269-5550, six@dfking.com).

Six Flags is an Arlington, Tex.-based regional theme park and waterparks operator.

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