SANDUSKY, Ohio--(BUSINESS WIRE)--
Cedar Fair Entertainment Company (FUN), a leader in regional amusement parks, water parks and immersive entertainment, announced today it has completed the purchase of land upon which its California’s Great America amusement park is located, for approximately $150 million. Cedar Fair purchased the land, totaling 112 acres, from the City of Santa Clara, California, which has leased the land since the founding of the park in 1976.
Cedar Fair President and CEO Richard A. Zimmerman said, “Our purchase of the land on which the park operates underscores Cedar Fair’s long-term commitment to California’s Great America, a unique, family-friendly entertainment destination serving those who call Northern California home. I want to thank the City of Santa Clara for being a valuable partner since our acquisition of the park in 2006, and we look forward to building upon that relationship as we continue to focus on the development of California’s Great America.”
In conjunction with the closing of the acquisition of the California property, Cedar Fair recently completed the issuance of $500 million of 5.250% 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. Further details regarding terms of the notes offering were outlined in Cedar Fair’s Form 8-K filed on June 18, 2019, with the Securities and Exchange Commission.
About Cedar Fair
Cedar Fair Entertainment Company (FUN), 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 11 amusement parks, including its flagship park, Cedar Point, along with two outdoor water parks, one indoor water park and four hotels. It also operates an additional theme park under a management contract. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan and Toronto, Ontario.
Some of the statements contained in this news release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future. You can identify forward-looking statements because they contain words such as "believes," "project," "might," "expects," "could," "propose," "would," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," or "anticipates" or similar expressions that concern our strategy, plans or intentions. These forward-looking statements are subject to risks and uncertainties that may change at any time and, therefore, our actual results may differ materially from those that we expected. While we believe that the expectations reflected in such forward-looking statements are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018, and in the filings of the Company made from time to time with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.