Moody’s gives B1 to Cedar Fair notes

Moody's Investors Service said it assigned a B1 rating to Cedar Fair, LP's proposed $500 million senior notes due 2027.

The Ba3 corporate family rating and all other debt ratings are unchanged.

The outlook remains stable.

Cedar Fair plans to use the proceeds to refinance the $500 million senior unsecured notes due 2021. The previously launched $750 million term loan B (which was upsized from $650 million) increased total debt by $147 million, which will be used for general corporate purposes, but the agency expects a portion will be used to expand its hotel and amateur sports park properties over time.

The rating on the $500 million note due 2021 will be withdrawn after repayment.

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