Exhibit 99.1
KCSA
PUBLIC RELATIONS
WORLDWIDE NEWS
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Public & Investor Relations, Corporate & Marketing Communications
FOR: PREMIER PARKS, INC.
CONTACT: Jim Dannhauser, Chief Financial Officer
122 East 42nd Street
New York, NY 10168
(212) 599-4693
KCSA: Sarah Shepard/Joseph A. Mansi
CONTACT: (212) 682-6300 ext. 226/205
www.kcsa.com
SIX FLAGS SUBSIDIARY SETS TENDER OFFER PRICE
FOR ITS SENIOR NOTES
NEW YORK, February 26, 2001 - Six Flags, Inc., (NYSE: PKS) announced today that
its primary operating subsidiary, Six Flags Operations Inc., determined the
tender offer price for its previously announced tender offer and consent
solicitation for its 9-3/4% Senior Notes due 2007.
The total consideration to be paid for each $1,000 principal amount
of Notes validly tendered is $1,085.06, plus accrued and unpaid interest up to,
but not including, the payment date, which includes a consent payment of $30 per
$1,000 principal amount of Notes.
The total consideration was determined using a yield based upon a
fixed spread of 50 basis points over the yield to maturity on the 6-1/8% U.S.
Treasury Note due December 31, 2001, based on the bid price for such security as
of 2:00 p.m. on February 23, 2001.
SIX FLAGS/2
Unless extended, the tender offer will expire at 5:00 p.m., New York
City time, on February 27, 2001. Payment for the Notes and consent payments, if
applicable, are expected to be made on March 2, 2001.
As previously announced, the consent solicitation relating to the
Notes has expired. Holders that validly tendered their Notes and delivered
consents (and did not revoke their consents) prior to the expiration of the
consent solicitation are entitled to the consent payment of $30 per $1,000
principal amount of Notes. The consents were being solicited to effect certain
amendments to the indenture governing the notes. Upon achievement of the
requisite consents, Six Flags Operations, its subsidiaries that are guarantors
and the trustee under the indenture executed and delivered a supplemental
indenture containing the amendments. The amendments will not become operative
until the Notes are accepted for purchase in accordance with the terms of the
tender offer. If the amendments become operative, holders of all untendered
Notes will be bound thereby.
Six Flags has retained Lehman Brothers to serve as the Dealer Manager
and Solicitation Agent for the tender offer and the consent solicitation.
Requests for documents may be directed to D.F. King & Co., Inc., the Information
Agent at (800) 431-9643. Questions regarding the tender and consent solicitation
may be directed to Lehman Brothers, at (800) 438-3242 (toll-free).
Six Flags, Inc. is the world's largest regional theme park company,
with thirty-eight parks in markets throughout North America and Europe.
SIX FLAGS/3
# # #
This announcement is not an offer to purchase, a solicitation of an offer to
purchase or a solicitation of consents with respect to the 9-3/4% Senior Notes.
The tender offer and consent solicitation is being made solely by the Offer to
Purchase and Consent Solicitation Statement dated January 29, 2001.
The information contained in this news release, other than historical
information, consists of forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act. These
statements may involve risks and uncertainties that could cause actual results
to differ materially from those described in such statements. Although Six Flags
believes that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct.
This release and prior releases are available on the KCSA Public Relations
Worldwide website at www.kesa.com