Exhibit 99.1
KCSA
PUBLIC RELATIONS
WORLDWIDE NEWS
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PUBLIC & INVESTOR RELATIONS, CORPORATE & MARKETING COMMUNICATIONS
FOR: SIX FLAGS, 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
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SIX FLAGS SUBSIDIARY COMMENCES TENDER OFFER AND
CONSENT SOLICITATION FOR SENIOR NOTES
SIX FLAGS COMMENCES OFFERING OF NEW SENIOR NOTES TO REPAY
INDEBTEDNESS
NEW YORK, January 29, 2001 - Six Flags, Inc., (NYSE: PKS) announced today that
its primary operating subsidiary, Six Flags Operations Inc., has commenced a
tender offer for all of the $125 million aggregate principal amount of 9-3/4%
Senior Notes due 2007 of Six Flags Operations. In conjunction with the tender
offer, noteholder consents are being solicited to effect certain amendments to
the indenture governing the notes.
The purchase price will be paid for notes validly tendered and accepted
for purchase, as well as accrued and unpaid interest up to, but not including,
the payment date. The tender offer is scheduled to expire at 5:00 p.m., New York
City time on February 27, 2001, unless extended. Noteholders who provide
consents to the proposed amendments will receive a consent payment per $1,000
principal amount of notes tendered and accepted for purchase pursuant to the
offer if they provide their consents on or prior to 5:00 p.m., New York City
time, on February 9, 2001, unless such date is extended. The total consideration
to be paid for each validly tendered note and properly
SIX FLAGS/2
delivered consent will be based upon a fixed spread of 50 basis points over the
yield to maturity on the reference U.S. Treasury Note, and includes a consent
payment of $30.00 per $1,000 principal amount of the notes. The yield to
maturity of the reference U.S. Treasury Note used in the fixed spread formula
will be set at 2:00 p.m., New York City time, on the second business day prior
to the expiration time.
Six Flags intends to finance the tender offer and consent solicitation
with a portion of the proceeds from its anticipated offering of approximately
$300 million of senior notes, pursuant to Rule 144A and Regulation S under the
Securities Act of 1933, as amended. The balance of the net proceeds of the
offering will be used to repay outstanding indebtedness. The securities to be
offered have not been registered under the Securities Act of 1933 and may not be
offered or sold in the United States, except pursuant to an applicable exemption
from such registration requirements.
The obligations to accept for purchase and to pay for notes in the tender
offer is conditioned on, among other things, the following:
o there being validly tendered and not validly withdrawn a majority in
aggregate principal amount of the outstanding notes,
o the execution of a supplemental indenture to the indenture governing
the notes, following receipt of consents to the proposed amendments
from the holders of not less than a majority in aggregate principal
amount of outstanding notes, and
o there being available from the anticipated offering of senior notes
by Six Flags, all of the financing necessary to fund the payment of
the aggregate consideration payable for the notes and for the
consents duly delivered.
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
SIX FLAGS/3
(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,
currently with thirty-seven parks in markets throughout North America and
Europe.
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.kcsa.com