Canada's Wonderland Company owns and operates an amusement park. It offers thrill rides, family rides, shopping, splash works, entertainment for kids, live entertainment, and dining facilities. The company also provides a mobile application for Apple and Android devices that enables users to buy tickets. Canada's Wonderland Company was formerly known as Paramount Canada's Wonderland Park and changed its name to Canada's Wonderland Company in 2007. The company was founded in 1979 and is based in Vaughan, Canada. As of June 30, 2006, Canada's Wonderland Company operates as a subsidiary of Cedar Fair, L.P.
9580 Jane Street
Vaughan, ON L6A 1S6
Founded in 1979
Cedar Fair, L.P., Magnum Management Corporation, Canada’s Wonderland Company and Millennium Operations LLC Enter into Restatement Agreement to Existing Credit Agreement
Apr 13 17
On April 13, 2017, Cedar Fair, L.P. (Borrower) entered into a Restatement Agreement amending and restating the existing credit agreement dated as of March 6, 2013 among the Borrower, Magnum Management Corporation (Magnum), Canada’s Wonderland Company (Cedar Canada) and Millennium Operations LLC (“Millennium”, and, collectively with Cedar Fair, Magnum and Cedar Canada, the “Borrowers”), the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the other parties thereto. The New Credit Agreement provides for a senior secured revolving credit facility in an initial aggregate principal amount of $275.0 million ($30.0 million of which is available for a U.S. letter of credit subfacility and $5.0 million of which is available for a Canadian letter of credit subfacility) that will mature on April 13, 2022. The New Credit Agreement also provides for an initial senior secured term loan credit facility in an aggregate principal amount of $750.0 million that will mature on April 13, 2024. In addition, upon the occurrence of certain events, the Borrower may request an incremental term loan facility to be added to the initial term loan credit facility and/or an increase in the commitments under the revolving credit facility, in an amount not to exceed the greater of (i) $400 million and (ii) any other amount if such incurrence would not cause the senior secured leverage ratio to exceed 3.25 to 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. Borrowings under the New Credit Agreement bear interest at a rate equal to, at the Borrower’s option, the London Interbank Offered Rate (“LIBOR”) or Canadian Dollar Offered Rate (“CDOR”) plus an applicable margin or an alternate base rate plus an applicable margin. Borrowings under the new senior secured term loan facility bear interest at LIBOR plus an applicable margin of 2.25% or at the base rate plus an applicable margin of 1.25%. Borrowings under the new senior secured revolving credit facility bear interest at LIBOR or CDOR plus an applicable margin of 2.00% or at the base rate plus an applicable margin of 1.00%, such applicable margin for the new senior secured revolving credit facility being subject to one 25 basis point reduction based on the Borrower’s total leverage ratio. The interest rate for term loans under the new senior secured credit facilities is subject to a LIBOR floor of 0.00% and a base rate floor of 1.00%. On a quarterly basis, the Borrower pays a commitment fee of 0.375% per annum to the lenders under the new senior secured revolving credit facility in respect of unutilized commitments thereunder, such commitment fee being subject to a 7.5 basis point reduction based on the Borrower’s total leverage ratio. The Borrower also pays customary letter of credit fees and fronting fees under the new senior secured revolving credit facility. The New Credit Agreement requires the mandatory prepayment of the term loans under the senior secured credit facility, subject to certain exceptions, with: (i) 50% (subject to a reduction to 0% based on achievement of a certain senior secured leverage ratio) of annual cash flow; (ii) 100% of the net cash proceeds of all non-ordinary course asset sales or other dispositions of property, subject to de minimis thresholds, and subject to reinvestment rights and certain other exceptions, including a reduction to 0% of such net cash proceeds based on achievement of a certain senior secured leverage ratio; and (iii) 100% of the net cash proceeds from the incurrence of certain debt, other than debt permitted to be incurred under New Credit Agreement (other than refinancing indebtedness). In addition, in the event that, within six months of the closing date of the New Credit Agreement, the new senior secured term loan facility is amended to reduce the interest rate applicable thereto or is refinanced with the proceeds of term loans with a lower yield than that applicable to the term loans under the new senior secured credit facilities, such prepayment or amendment shall be accompanied by a premium equal to 1% of the principal amount of term loans subject to such repricing transaction. Thereafter, the Borrower will be permitted to prepay any of the debt or reduce any of the commitments under new senior secured credit facilities at any time without penalty or premium (subject to LIBOR redeployment costs). The New Credit Agreement requires scheduled quarterly amortization payments on the term loans in amounts equal to 1.00% per annum of the original principal amount of the term loans, with the balance paid at maturity.
Cedar Fair, L.P. Announces Offering of $500 Million Senior Unsecured Notes
Apr 10 17
Cedar Fair, L.P. announced that it, together with its wholly owned subsidiaries Magnum Management Corporation, Canada's Wonderland Company and Millennium Operations LLC (Millennium and, together with Magnum and Cedar Canada, the Co-Issuers), intends to commence a private offering of $500 million aggregate principal amount of senior unsecured notes due 2027. Obligations under the Notes will be guaranteed by the company's wholly-owned subsidiaries (other than the Co-Issuers). The company has finalized arrangements to refinance its existing credit facilities with new senior secured credit facilities, consisting of a $750 million seven-year term loan facility and a $275 million five-year revolving credit facility. The offering of the notes is not conditioned upon completion of the New Credit Facilities and related refinancing. The company intends to use the net proceeds of the offering, together with borrowings under the New Credit Facilities, to redeem all of its 5.25% senior unsecured notes due 2021, as well as the redemption premium, accrued interest and transaction fees and expenses, to repay its existing senior secured term loan facility and any amounts outstanding under its existing senior secured revolving credit facility and for general corporate purposes.