Cedar Fair Entertainment Company (FUN) - Get Cedar Fair, L.P. Report, a leader in regional amusement parks, water parks and immersive entertainment, today announced the Company has entered into an amendment in respect of its Credit Facilities to amend the terms thereof to, among other things, further suspend and revise certain of the financial covenants thereunder by an additional year, and provide the ability to incur incremental debt. Under the terms of the Credit Facilities amendment, the covenant waiver period has been extended from the fourth quarter of 2020 to the fourth quarter of 2021, and the covenant modification period has been extended by one year through the end of 2022.
"As market visibility beyond 2020 remains unclear, the one-year extension of both the covenant waiver period and the covenant modification period, combined with the actions we have taken in response to the COVID-19 crisis, provide us additional financial flexibility should we potentially need to manage through a longer than anticipated period of disruption resulting from the pandemic," said Richard Zimmerman, Cedar Fair President and CEO. "We greatly appreciate the unwavering support of our long-tenured banking group as we better position ourselves for a recovery to historical performance levels. Our priority remains reopening all of our parks for the 2021 season, driving growth in our core business and reducing our net leverage ratio."
About Cedar Fair
Cedar Fair Entertainment Company (FUN) - Get Cedar Fair, L.P. Report, one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to make people happy by providing fun, immersive and memorable experiences, the Company owns and operates 13 properties, consisting of 11 amusement parks, four separately gated outdoor water parks, and resort accommodations totaling more than 2,300 rooms and more than 600 luxury RV sites. Cedar Fair's parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario. The Company also operates an additional theme park in California under a management contract.
Some of the statements contained in this news release that are not historical in nature constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs, goals and strategies regarding the future. These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors, including the impact of the COVID-19 global pandemic on our business and financial results, general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in the Company's capital investment plans and projects and other factors discussed from time to time by the Company in its reports filed with the Securities and Exchange Commission (the "SEC") could affect attendance at the Company's parks and cause actual results to differ materially from the Company's expectations or otherwise to fluctuate or decrease. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 28, 2020 and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, information, circumstances or otherwise that arise after the publication of this news release.
This news release and prior releases are available under the News tab at http://ir.cedarfair.com
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