Cedar Fair Entertainment Co. has completed the purchase of land under its Great America amusement park in California for approximately $150 million. Cedar Fair purchased the land, totaling 112 acres, from the City of Santa Clara, which has leased the land since the founding of the park in 1976.
In conjunction with the closing of the acquisition, Cedar Fair recently completed the issuance of $500 million of 5.25 percent senior unsecured notes, due 2029.
In addition to the acquisition of the California’s Great America land, Cedar Fair will use the net proceeds from the notes offering to fund the acquisition of two iconic water parks in Texas, the payment of fees and expenses related to the transactions and the offering, repayment of a portion of the company’s senior secured revolving credit facility and for general corporate purposes.
