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Six Flags overnight $225 million convertible talked at 4.0%-4.5%, up 18%-22%
By Ronda Fears
Nashville, Nov. 15 - Six Flags Inc. after the close Monday was pitching $225 million of 10.5-year convertible senior notes in the overnight market with guidance for a coupon of 4.0% to 4.5% and an 18% to 22% initial conversion premium.
Lehman Brothers Inc. is bookrunner of the registered deal.
The senior notes are non-callable for 5.5 years. There is full dividend and takeover protection for holders.
The issue is expected to be rated CCC by Standard & Poor's and Caa1 by Moody's Investors Service.
A $33.75 million greenshoe is available.
The Oklahoma City-based theme park operator said proceeds would be used to repurchase or redeem a portion of its 9.5% senior notes due 2009 and 8.875% senior notes due 2010.
Six Flags shares on Monday closed up a penny, or 0.19%, to $5.29 and in after-hours trading dropped 48 cents, or 9%. The Six Flags 7.25% convertible preferred closed Monday off 0.25 points to 20.5.
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