Exhibit 99.1
Cedar Fair Announces Expiration and Results of Consent Solicitation For its Outstanding Notes
SANDUSKY, Ohio – (November 9) – Cedar Fair, L.P. (NYSE: FUN) (the “Company”), a leader in regional amusement parks, water parks, and immersive entertainment, together with its wholly owned subsidiaries as co-issuers (together with the Company, the “Co-Issuers”), today announced the expiration and results of its previously announced consent solicitation (the “Consent Solicitation”) with respect to certain proposed amendments (the “Proposed Amendments”) to the indentures (the “Indentures”) governing its 5.375% Senior Notes due 2027 (the “2027 Notes”), 5.250% Senior Notes due 2029 (the “2029 Notes”), 5.500% Senior Secured Notes due 2025 (the “2025 Notes”) and 6.500% Senior Notes due 2028 (the “2028 Notes” and, together with the 2027 Notes, the 2029 Notes and the 2025 Notes, the “Notes”).
The Consent Solicitation was made pursuant to the terms of and subject to the conditions set forth in the Consent Solicitation Statement, dated November 3, 2023 (the “Statement”). All capitalized terms used in this press release but not defined herein have the meaning given to them in the Statement.
The Consent Solicitation expired at 5:00 p.m., New York City time, on November 9, 2023 (the “Expiration Date”). As of the Expiration Date and according to information received by Global Bondholder Services Corporation, consents to the Proposed Amendments had been provided and not validly revoked by Holders of approximately 99.70% of the outstanding 2027 Notes, 94.44% of the outstanding 2029 Notes, 90.22% of the outstanding 2025 Notes and 97.90% of the outstanding 2028 Notes. Accordingly, the Co-Issuers have obtained the consents required to effect the Proposed Amendments under the terms of each Indenture.
Subject to the terms and conditions in the Statement, all Holders who validly delivered (and did not validly revoke) their consents on or prior to the Revocation Deadline are eligible to receive a cash payment (the “Consent Payment”) of $2.50 per $1,000 principal amount of 2027 Notes, $2.50 per $1,000 principal amount of 2029 Notes, $1.25 per $1,000 principal amount of 2025 Notes and $2.50 per $1,000 principal amount of 2028 Notes, in each case for the benefit of the Holders of such series of Notes on the Record Date.
On November 9, 2023 (the “Consent Effective Time”), the Co-Issuers, their respective subsidiaries party to the Indentures as guarantors and the trustee under the Indentures executed supplemental indentures (the “Supplemental Indentures”) in respect of the Notes to effect the Proposed Amendments in accordance with the Statement. The Supplemental Indentures became effective upon their execution and are binding on all Holders of the Notes, including those who did not deliver a consent at or prior to the Expiration Date, but the Proposed Amendments will become operative only if the Co-Issuers make the Consent Payment as defined and described in the Statement. The Co-Issuers expect to pay the Consent Payment upon or immediately prior to consummation of the Merger.
Goldman Sachs & Co. LLC was the solicitation agent in the Consent Solicitation and Global Bondholder Services Corporation served as the information, tabulation and paying agent. Persons with questions regarding the Consent Solicitation should contact Goldman Sachs & Co. LLC at (toll free) 1 (800) 828-3182 or (collect) (212) 902-5962 or by e-mail at GS-LM-NYC@gs.com. Requests for the Statement should be directed to Global Bondholder Services Corporation, at (toll free) (855) 654-2015, (banks and brokers) (212) 430-3774, by facsimile (for Eligible Institutions only) at (212) 430-3775/3779 or by email to contact@gbsc-usa.com.
