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Six Flags begins private exchange offer for 8 7/8%, 9¾%, 9 5/8% notes
By Angela McDaniels
Tacoma, Wash., May 14 - Six Flags, Inc. said it began a private offer to exchange three series of notes for up to $400 million of new 12¼% senior notes due July 15, 2016, which will be issued by subsidiary Six Flags Operations Inc. and guaranteed by Six Flags.
Notes eligible for exchange are Six Flags' $280.3 million 8 7/8% senior notes due 2010, $374 million 9¾% senior notes due 2013 and $464.65 million 9 5/8% senior notes due 2014. The notes are listed in the order in which they will be accepted in the offer.
The exchange offer will expire at midnight ET on June 11, according to a company news release.
For each $1,000 principal amount of notes tendered by 5 p.m. ET on May 28 - the early tender date - the company will issue $900 of new 12¼% notes in exchange for 8 7/8% notes and $700 of new 12¼% notes in exchange for 9¾% and 9 5/8% notes.
For each $1,000 principal amount of notes tendered after the early tender deadline but before the offer expiration, the company will issue $850 of new 12¼% notes in exchange for 8 7/8% notes and $650 of new 12¼% notes in exchange for 9¾% and 9 5/8% notes.
Holders of 50% of the outstanding 8 7/8% notes have agreed to tender their notes under a lock-up agreement, and the exchange offer is conditioned upon them doing so.
The exchange offer is being made only to qualified institutional buyers and accredited investors inside the United States and to selected non-U.S. investors located outside the United States, the release noted.
The company said the purpose of the offer is to improve its financial flexibility by extending the maturities of its overall debt, primarily its outstanding debt with maturities in 2010.
Mackenzie Partners, Inc. (800 322-2885) is the information agent.
Six Flags is a theme park company based in New York.
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