Six Flags Entertainment Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 22 15
Six Flags Entertainment Corporation reported earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenue was $386,065,000 against $376,551,000 a year ago. Income before income taxes was $111,473,000 against $123,863,000 a year ago. Net income was $84,614,000 against $85,312,000 a year ago. Net income attributable to company was $65,532,000 against $66,306,000 a year ago. Net earnings per diluted share were $0.67 against $0.67 a year ago. Adjusted EBITDA was $149,075,000 against $145,337,000 a year ago. Capital expenditures, net of property insurance recoveries were $36,216,000 against $39,225,000 a year ago. Cash earnings per share were $1.11 against $1.03 a year ago.
For the six months, the company reported total revenue was $471,220,000 against $450,269,000 a year ago. Income before income taxes was $5,518,000 against $28,051,000 a year ago. Net income was $14,288,000 against $24,111,000 a year ago. Net loss attributable to company was $4,794,000 against net income attributable to company of $5,105,000 a year ago. Net loss per diluted share was $0.05 against net earnings per share diluted of $0.05 a year ago. Adjusted EBITDA was $111,442,000 against $102,301,000 a year ago. Capital expenditures, net of property insurance recoveries were $70,075,000 against $81,345,000 a year ago. Cash earnings per share were $0.02 against cash loss per share of $0.19 a year ago. Net debt as of June 30, 2015 was $1,371 million.
Six Flags Entertainment Corporation, Six Flags Operations Inc. and Six Flags Theme Parks Inc. Amend and Restate its Existing Credit Agreement
Jul 1 15
On June 30, 2015, Six Flags Entertainment Corporation, Six Flags Operations Inc. and Six Flags Theme Parks Inc. amended and restated its existing credit agreement, which was entered into on December 20, 2011 (as amended by that certain First Amendment to Credit Agreement dated as of December 10, 2012 and that certain Second Amendment to Credit Agreement dated as of December 23, 2013, the Amended and Restated Credit Facility"). The Amended and Restated Credit Facility is a $950,000,000 credit agreement (the Amended and Restated Credit Agreement") by and among the Company, SFO, SFTP, the several lenders party thereto, Wells Fargo Bank, National Association, as administrative agent, an issuing lender and a swingline lender, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers, Barclays Bank PLC, JPMorgan Chase Bank, N.A., Compass Bank and HSBC Bank USA, National Association, as co-documentation agents, Bank of America, N.A. and Goldman Sachs Bank USA, as co-syndication agents, and Wells Fargo Securities, LLC, Barclays Bank PLC, Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint book runners. SFTP is the borrower under the Amended and Restated Credit Facility, and the Company, SFO and certain of the domestic subsidiaries of SFTP are guarantors thereunder. The Amended and Restated Credit Facility is comprised of a $250,000,000 Revolving Credit Loan facility (the Revolving Facility") and a $700,000,000 Tranche B Term Loan facility (the Term Facility"). SFTP is permitted to incur (a) additional term loans that will be included in the Term Facility, (b) increases in the Revolving Facility and/or (c) secured or unsecured notes that rank pari passu or junior to the Amended and Restated Credit Facility, in an aggregate principal amount for all such additional term loans, Revolving Facility increases and incremental notes not to exceed $350,000,000 plus any other amount that may be incurred for any purpose if such incurrence would not cause the senior secured leverage ratio to exceed 3.25:1.00 on a pro forma basis, in each case subject to receipt of commitments by existing lenders or other financing institutions and to the satisfaction of certain other conditions. Beginning on September 30, 2015, the Term Facility will amortize in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term Facility. The final maturity of the Revolving Facility will occur on the fifth anniversary of the closing date. The final maturity of the Term Facility will occur on the seventh anniversary of the closing date. The Amended and Restated Credit Agreement permits amendments thereto whereby individual lenders may extend the maturity date of their outstanding loans and/or commitments upon the request of SFTP without the consent of any other lender or the administrative agent, so long as certain conditions are met.
Six Flags Entertainment Corporation Announces New 7-Year $700 Million Senior Secured Term Loan Facility and 5-Year $250 Million Senior Secured Revolving Credit Facility
Jun 30 15
Six Flags Entertainment Corporation announced that it has entered into a new 7-year $700 million senior secured term loan facility and 5-year $250 million senior secured revolving credit facility. The proceeds will be used to refinance the $569 million outstanding Term Loan B under the company's prior credit facilities and for general corporate purposes, including share repurchases and payment of refinancing fees. The company's borrowing rate for the new term loan will be the same as its former term loan, which is LIBOR plus 275 basis points with a 75 basis-point floor on the LIBOR rate. In addition, the agreement provides the company with more flexible covenants.