64.4 F
Los Angeles
Friday, Aug 19, 2022
-Advertisement-

Six Flags Asks Bond Holders to Cash In

Six Flags Inc., the owner and operator of Six Flag Magic Mountain in Valencia, said Wednesday that it is seeking to exchange existing bonds at a discount to extend maturities and avoid defaulting.


Bondholders in the New York-based theme park operator are being asked to swap notes maturing in 2010, 2013 and 2014 for 65 cents on the dollar in exchange for $400 million of new bonds maturing in 2016. For the exchange, bondholders will get 12.25 percent versus 8.875 percent to 9.625 percent on the existing bonds.


Six Flags’ debt is a high 14.6 times its annual earnings before interest, tax, depreciation and amortization.


Six Flags stock closed up 9 percent to $2.17 on Wednesday.


Last week, Six Flags reported a narrowed loss of $150 million on a 35-percent jump to $68.2 million in revenues as more visitors to the company’s 21 theme parks helped increase sales.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-