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Six Flags reports tenders for $881.6 million of 4 7/8% senior notes due 2024
By Mary-Katherine Stinson
Lexington, Ky., May 3 – Six Flags Entertainment Corp. reported final results for its any-and-all tender offer for its 4 7/8% senior notes due 2024 (Cusips: 83001AAB8; U82767AB7), according to a press release.
At the expiration of the offer at 5 p.m. ET on May 2, Six Flags reported a total of $881,598,000 principal amount of the 2024 notes, or 92.85%, were tendered. This excludes $18,828,000 of the 2024 notes tendered via guaranteed delivery procedures.
As previously reported, the company was offering to buy the notes for a $1,000.50 tender consideration per $1,000 note. Accrued interest will also be paid.
If noteholders had tendered less than $800 million of their notes, Six Flags would have issued a conditional notice of redemption. The company would then buy $800 million of the notes at par if the tender offer had not met 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 expiration of the offer was also the withdrawal deadline.
The payment date is expected to be May 3. All purchased notes will be retired.
Notes tendered using guaranteed delivery procedures need to be provided by 5 p.m. ET on May 4.
There are $949.49 million of the notes outstanding.
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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