By Paul A. Harris
Portland, Ore., May 29 - Cedar Fair LP priced a $450 million issue of 10-year senior notes (B1/BB-) at par to yield 5 3/8% on Thursday, according to a market source.
The yield printed at the tight end of the 5½% yield talk.
J.P. Morgan Securities LLC, UBS Investment Bank and Wells Fargo Securities LLC were the joint bookrunners.
The Sandusky, Ohio-based amusement park operator plans to use the proceeds to take out its 9 1/8% senior notes due 2018 and for general corporate purposes.
| Issuer: | Cedar Fair LP
|
| Securities: | Senior notes
|
| Amount: | $450 million
|
| Maturity: | June 1, 2024
|
| Bookrunners: | J.P. Morgan Securities LLC, UBS Investment Bank, Wells Fargo Securities LLC
|
| Co-managers: | Fifth Third Bank, KeyBanc Capital Markets
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 294 bps
|
| Call protection: | Five years
|
| Trade date: | May 29
|
| Settlement date: | June 3
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5½%
|
| Marketing: | Quick to market
|
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