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Article published August 07, 2009
Lenders extend $900M Cedar Fair loan 2 years

SANDUSKY — Cedar Fair LP lenders agreed to extend $900 million of its term loan by two years to 2014 in exchange for a higher interest rate, a company statement yesterday said.

The amusement-park operator had asked lenders to extend at least $750 million of its $1.67 billion term loan. The amendment also allows Cedar Fair to ask for additional credit extensions in the future.

JPMorgan Chase & Co. increased the interest rate the Sandusky company pays. The amendment allows the company to incur secured debt with proceeds used to repay existing term loans. It also allows for up to $150 million of sale/leasebacks, with all of the proceeds used to repay current loans ahead of the extended term loans, the release said.


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