Six Flags Launches $830 Million Bankruptcy Exit Financing-Source
07 Janvier 2010 - 4:28PM
Dow Jones News
JPMorgan Chase & Co., Bank Of America Merrill Lynch,
Barclays Capital and Deutsche Bank have launched $830 million of
new loans supporting New York-based Six Flags Theme Parks' exit
from bankruptcy, according to one person familiar with the
situation.
The financing is split between a $680 million, six-year term
loan and a $150 million, five-year revolving credit facility.
Both the term loan and the revolving credit facility pay an
interest rate of 4.25% over the London interbank offered rate, or
Libor, with the Libor floor set at 2%. This means that under no
circumstances will the lenders earn less than 6.25% annual
interest. Both the term loan and the revolver will be offered at a
discount to par value. The discount is still to be decided,
according to the person.
The theme park operator filed for bankruptcy last June in a deal
handing a 92% ownership stake in the company to its banks in
exchange for canceling $1.1 billion of debt.
-By Kate Haywood, Dow Jones Newswires; 212-416-2218;
kate.haywood@dowjones.com
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