10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 001-35883

SeaWorld Entertainment, Inc.

(Exact name of registrant as specified in its charter)

Delaware	27-1220297
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

9205 South Park Center Loop, Suite 400

Orlando, Florida 32819

(Address of principal executive offices)(Zip Code)

(407) 226-5011

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ¨    No  x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

The registrant had outstanding 93,306,126 shares of Common Stock, par value $0.01 per share as of August 12, 2013.

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

		Page No.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS			1
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Condensed Consolidated Balance Sheets		3
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)		4
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity		5
	Unaudited Condensed Consolidated Statements of Cash Flows		6
	Notes to Unaudited Condensed Consolidated Financial Statements		7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		34
Item 4.	Controls and Procedures		34
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings		35
Item 1A.	Risk Factors		35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		35
Item 3.	Defaults Upon Senior Securities		35
Item 4.	Mine Safety Disclosures		36
Item 5.	Other Information		36
Item 6.	Exhibits		36

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Quarterly Report on Form 10-Q, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position and our business outlook, business trends and other information, may be forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. Such risks, uncertainties and other important factors that could cause actual results to differ include, among others, the risks, uncertainties and factors set forth under “Risk Factors” in the Company’s prospectus, filed with the Securities and Exchange Commission (the “SEC”) on April 18, 2013 pursuant to Rule 424(b)(4) under the Securities Act, and in this report, as such risk factors may be updated from time to time in our periodic filings with the SEC, and are accessible on the SEC’s website at www.sec.gov, including the following:

• a decline in discretionary consumer spending or consumer confidence;

• various factors beyond our control adversely affecting attendance and guest spending at our theme parks;

• inability to protect our intellectual property or the infringement on intellectual property rights of others;

• incidents or adverse publicity concerning our theme parks;

• featuring animals at our theme parks;

• the loss of licenses and permits required to exhibit animals;

• significant portion of revenues generated in the States of Florida, California and Virginia and the Orlando market;

• inability to compete effectively;

• loss of key personnel;

• increased labor costs;

• unionization activities or labor disputes;

• inability to meet workforce needs;

• inability to fund theme park capital expenditures;

• high fixed cost structure of theme park operations;

• inability to maintain certain commercial licenses;

• changing consumer tastes and preferences;

• restrictions in our debt agreements limiting flexibility in operating our business;

• our substantial leverage;

• seasonal fluctuations;

• inability to realize the benefits of acquisitions or other strategic initiatives;

• adverse litigation judgments or settlements;

• inadequate insurance coverage;

• inability to purchase or contract with third party manufacturers for rides and attractions;

• environmental regulations, expenditures and liabilities;

1

• cyber security risks;

• suspension or termination of any of our business licenses;

• our limited operating history as a standalone company; and

• The Blackstone Group L.P. and its affiliates’ control of us.

We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factors’ likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) our strategy, which is based in part on this analysis, will be successful. All forward-looking statements in this report apply only as of the date of this report or as the date they were made and, except as required by applicable law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

All references to “we”, “us”, “our”, “Company” or “SeaWorld” in this Quarterly Report on Form 10-Q mean SeaWorld Entertainment, Inc., its subsidiaries and affiliates.

2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	June 30, 2013			December 31, 2012
Assets
Current assets:
Cash and cash equivalents	$	93,936		$	45,675
Accounts receivable, net		59,913			41,149
Inventories		46,151			36,587
Prepaid expenses and other current assets		16,298			17,817
Deferred tax assets, net		6,265			17,405
Total current assets		222,563			158,633
Property and equipment, at cost		2,428,792			2,343,561
Accumulated depreciation		(642,278	)		(568,918	)
Property and equipment, net		1,786,514			1,774,643
Goodwill		335,610			335,610
Trade names, net		164,058			164,608
Other intangible assets, net		29,502			31,120
Deferred tax assets, net		49,547			6,356
Other assets		45,153			50,082
Total assets	$	2,632,947		$	2,521,052
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	142,554		$	89,946
Current maturities on long-term debt		14,050			21,330
Accrued salaries, wages and benefits		24,589			33,088
Deferred revenue		150,002			82,567
Other accrued expenses		23,311			19,350
Total current liabilities		354,506			246,281
Long-term debt		1,631,829			1,802,644
Other liabilities		20,807			22,279
Total liabilities		2,007,142			2,071,204
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at June 30, 2013 and December 31, 2012		—			—
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; issued and outstanding, 89,603,759 and 82,737,008 shares at June 30, 2013 and December 31, 2012, respectively		896			827
Additional paid-in capital		686,445			456,923
Accumulated other comprehensive gain (loss)		1,326			(1,254	)
Accumulated deficit		(62,862	)		(6,648	)
Total stockholders’ equity		625,805			449,848
Total liabilities and stockholders’ equity	$	2,632,947		$	2,521,052

See accompanying notes to unaudited condensed consolidated financial statements.

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share amounts)

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2013			2012		2013			2012
Net revenues:
Admissions	$	255,001		$	259,058	$	407,427		$	392,313
Food, merchandise and other		156,291			166,824		242,475			246,011
Total revenues		411,292			425,882		649,902			638,324
Costs and expenses:
Cost of food, merchandise and other revenues		32,974			36,959		52,802			55,659
Operating expenses		194,674			205,370		367,934			368,746
Selling, general and administrative		62,168			49,028		102,155			91,764
Termination of advisory agreement		50,072			—		50,072			—
Depreciation and amortization		40,424			41,439		81,832			77,348
Total costs and expenses		380,312			332,796		654,795			593,517
Operating income (loss)		30,980			93,086		(4,893	)		44,807
Other income, net		107			733		180			1,873
Interest expense		22,926			28,909		51,532			56,718
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs		32,429			—		32,429			—
(Loss) income before income taxes		(24,268	)		64,910		(88,674	)		(10,038	)
(Benefit from) provision for income taxes		(8,414	)		25,790		(32,460	)		(4,024	)
Net (loss) income	$	(15,854	)	$	39,120	$	(56,214	)	$	(6,014	)
Other comprehensive income:
Unrealized gain on derivatives, net of tax		2,286			—		2,580			—
Comprehensive (loss) income	$	(13,568	)	$	39,120	$	(53,634	)	$	(6,014	)
(Loss) earnings per share:
Net (loss) income per share, basic	$	(0.18	)	$	0.47	$	(0.66	)	$	(0.07	)
Net (loss) income per share, diluted	$	(0.18	)	$	0.47	$	(0.66	)	$	(0.07	)
Weighted average commons shares outstanding:
Basic		88,222			82,448		85,510			82,436
Diluted		88,222			83,240		85,510			82,436
Cash dividends declared per share:
Cash dividends declared per share	$	0.20		$	6.07	$	0.20		$	6.07

See accompanying notes to unaudited condensed consolidated financial statements.

4

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2013

(In thousands, except share amounts)

	Shares of Common Stock			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive (Loss) Gain			Total Stockholders’ Equity
Balance at December 31, 2012		82,737,008		$	827		$	456,923		$	(6,648	)	$	(1,254	)	$	449,848
Equity-based compensation		74,561			1			2,221			—			—			2,222
Unrealized gain on derivatives, net of tax		—			—			—			—			2,580			2,580
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs		10,000,000			100			245,341			—			—			245,441
Conversion of common stock into unvested restricted shares		(3,216,719	)		(32	)		32			—			—			—
Vesting of restricted shares		8,909			0			0			—			—			—
Dividend declared to stockholders		—			—			(18,072	)		—			—			(18,072	)
Net loss		—			—			—			(56,214	)		—			(56,214	)
Balance at March 31, 2013		89,603,759		$	896		$	686,445		$	(62,862	)	$	1,326		$	625,805

See accompanying notes to unaudited condensed consolidated financial statements.

5

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Six Months Ended June 30,
	2013			2012
Cash Flows From Operating Activities:
Net loss	$	(56,214	)	$	(6,014	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		81,832			77,348
Amortization of debt issuance costs and discounts		7,441			10,408
Loss on sale or disposal of property and equipment		4,235			6,100
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs		32,429			—
Deferred income tax provision		(32,460	)		(4,024	)
Equity-based compensation		2,222			562
Changes in assets and liabilities:
Accounts receivable		(22,011	)		(14,309	)
Inventories		(9,563	)		(9,335	)
Prepaid expenses and other current assets		(1,914	)		(1,973	)
Accounts payable		26,070			15,606
Accrued salaries, wages and benefits		(8,498	)		(3,574	)
Deferred revenue		69,855			61,161
Other accrued expenses		4,179			5,066
Other assets and liabilities		128			3,834
Net cash provided by operating activities		97,731			140,856
Cash Flows From Investing Activities:
Capital expenditures		(88,025	)		(115,603	)
Change in restricted cash		(232	)		—
Net cash used in investing activities		(88,257	)		(115,603	)
Cash Flows From Financing Activities:
Repayment of long-term debt		(182,229	)		(7,118	)
Redemption premium payment		(15,400	)		—
Proceeds from the issuance of debt		1,455			487,163
Proceeds from issuance of common stock, net of underwriter commissions		253,800			—
Repayment of revolving credit facility, net		—			(4,000	)
Dividends paid to stockholders		(184	)		(463,187	)
Debt issuance costs		(13,961	)		(7,024	)
Offering costs		(4,694	)		—
Net cash provided by financing activities		38,787			5,834
Change in Cash and Cash Equivalents		48,261			31,087
Cash and Cash Equivalents—Beginning of period		45,675			66,663
Cash and Cash Equivalents—End of period	$	93,936		$	97,750
Supplemental Disclosures of Noncash Investing and Financing Activities
Dividends declared, but unpaid	$	18,072		$	40,003
Capital expenditures in accounts payable	$	31,414		$	34,785

See accompanying notes to unaudited condensed consolidated financial statements.

6

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Description of the Business

SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates eleven theme parks within the United States. The Company is majority owned by ten limited partnerships (the “Partnerships”), ultimately controlled by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. On April 24, 2013, the Company completed an initial public offering in which it sold 10,000,000 shares of common stock and the selling shareholders of the Company sold 19,900,000 shares of common stock, including 3,900,000 shares pursuant to the exercise in full of the underwriters’ over-allotment option. The offering generated net proceeds of approximately $245,400 to the Company after deducting underwriting discounts, expenses and transaction costs. The Company did not receive any proceeds from shares sold by the selling shareholders. See further discussion in Note 12-Stockholders Equity.

The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; and San Diego, California, and Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Diego, California (Aquatica), Tampa, Florida (Adventure Island), and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only attraction offering interaction with marine animals (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2012 included in the Company’s prospectus as filed with the SEC on April 18, 2013, pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). The unaudited condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements at that date.

In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2013 or any future period due to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year.

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates.

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification (“ASC”) 220, Comprehensive Income. The amended guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amended guidance does not change the current requirements for reporting net income or other comprehensive income. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a significant impact on the Company’s condensed consolidated financial statements.

3. (LOSS) EARNINGS PER SHARE

(Loss) earnings per share is computed as follows (in thousands, except per share data):

	Three Months Ended June 30,														Six Months Ended June 30,
	2013								2012						2013								2012
	Net (Loss)			Shares		Per Share Amount			Net Income		Shares		Per Share Amount		Net (Loss)			Shares		Per Share Amount			Net (Loss)			Shares		Per Share Amount
Basic (loss) earnings per share	$	(15,854	)		88,222	$	(0.18	)	$	39,120		82,448	$	0.47	$	(56,214	)		85,510	$	(0.66	)	$	(6,014	)		82,436	$	(0.07	)
Effect of dilutive incentive-based awards					—							792							—								—
Diluted (loss) earnings per share	$	(15,854	)		88,222	$	(0.18	)	$	39,120		83,240	$	0.47	$	(56,214	)		85,510	$	(0.66	)	$	(6,014	)		82,436	$	(0.07	)

Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. The Company excluded potentially dilutive shares of 622 (in thousands) and 699 (in thousands), for the three and six months ended June 30, 2013, respectively, and potentially dilutive shares of 774 (in thousands), for the six months ended June 30, 2012, from the calculation of diluted loss per share as their effect would have been anti-dilutive due to the Company’s net loss in those periods.

4. INCOME TAXES

Income tax expense is recognized based on the Company’s estimated annual effective tax rate which is based upon the tax rate expected for the full calendar year applied to the pre-tax income or loss of the interim period. The Company’s consolidated effective tax rate for the three and six months ended June 30, 2013 was 34.7% and 36.6%, respectively, and differs from the statutory federal income tax rate primarily due to state income taxes. The Company’s consolidated effective tax rate for the three and six months ended June 30, 2012 was 39.7% and 40.1%, respectively, and differs from the statutory federal income tax rate primarily due to state income taxes.

The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an uncertain tax position. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of tax expense to the applicable period.

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

5. OTHER ACCRUED EXPENSES

Other accrued expenses at June 30, 2013 and December 31, 2012, consisted of the following:

	June 30, 2013		December 31, 2012
Accrued property taxes	$	7,065	$	1,974
Accrued interest		2,894		3,877
Note payable		3,000		3,000
Self-insurance reserve		7,800		7,800
Other		2,552		2,699
Total other accrued expenses	$	23,311	$	19,350

6. LONG-TERM DEBT

Long-term debt as of June 30, 2013 and December 31, 2012 consisted of the following:

	June 30, 2013			December 31, 2012
Term Loan A	$	—		$	152,000
Term Loan B		—			1,293,774
Term B-2 Loans		1,405,000			—
Revolving credit agreement		—			—
Senior Notes		260,000			400,000
Total long-term debt		1,665,000			1,845,774
Less discounts		(19,121	)		(21,800	)
Less current maturities		(14,050	)		(21,330	)
Total long-term debt, net of current maturities	$	1,631,829		$	1,802,644

In conjunction with the Company’s initial public offering completed on April 24, 2013, the Company used $37,000 of the net proceeds received from the offering to repay a portion of the outstanding indebtedness under the then existing Term Loan B and $140,000 to redeem a portion of its Senior Notes at a redemption price of 111.0%, plus accrued and unpaid interest thereon. The redemption premium of $15,400 along with a write-off approximately $5,500 in related discounts and deferred financing costs is included in loss on early extinguishment of debt and write-off of discounts and deferred financing costs on the Company’s unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2013. See further discussion in Note 12-Stockholders’ Equity.

Senior Secured Credit Facilities

On March 30, 2012, April 5, 2013 and May 14, 2013, SEA entered into Amendments No. 3, 4 and 5, respectively, of the senior secured credit facilities (the “Senior Secured Credit Facilities”).

Amendment No. 3 increased the amount of Term B Loans (“Additional Term B Loans”) by $500,000 for the purposes of financing a dividend payment to the stockholders in the same amount during the three months ended March 31, 2012. The Additional Term B Loans were issued at a discount which was being amortized to interest expense using the weighted average interest method.

Amendment No. 4 amended the terms of the existing Senior Secured Credit Facilities to, among other things, permit SEA to pay certain distributions following an initial public offering and replaced the then existing $172,500 senior secured revolving credit facility with a new $192,500 senior secured revolving credit facility. The new senior secured revolving credit facility will mature on the earlier of (a) April 24, 2018 or (b) the 91st day prior to the earlier of (1) the maturity date with respect to Term A Loans with an aggregate principal amount greater than $50,000 outstanding, (2) the maturity date with respect to the Term B Loans with an aggregate principal amount greater than $150,000 outstanding, (3) the maturity date of Senior Notes (also referred to as “Mezzanine Debt”) with an aggregate principal amount greater than $50,000 outstanding and (4) the maturity date of any indebtedness incurred to refinance any of the Term A or Term B Loans or the Mezzanine Debt.

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Amendment No. 5 amended the terms of the existing Senior Secured Credit Facilities to, among other things, refinance Term Loan A and Term Loan B into new Term B-2 Loans, extend the final maturity date of the term loan facilities, reduce future principal and interest payments, and provide for additional future borrowings.

The Term B-2 Loans were borrowed in an aggregate principal amount of $1,405,000. Borrowings under the Term B-2 Loans bear interest, at SEA’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the higher of (1) the Bank of America’s prime lending rate and (2) the federal funds effective rate plus 1/2 of 1% or (b) a LIBOR rate determined by reference to the British Bankers Association (“BBA”) LIBOR rate for the interest period relevant to such borrowing. The margin for the Term B-2 Loans is 1.25%, in the case of base rate loans, and 2.25%, in the case of LIBOR rate loans, subject to a base rate floor of 1.75% and a LIBOR floor of 0.75%. The applicable margin for the Term B-2 Loans (under either a base rate or LIBOR rate) is subject to one 25 basis point step-down upon achievement by SEA of a certain leverage ratio. At June 30, 2013, the Company selected the LIBOR rate (interest rate of 3.00% at June 30, 2013).

Term B-2 Loans will amortize in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term B-2 Loans on the Amendment No. 5 effective date, with the first payment being due on September 30, 2013 and the balance due on the final maturity date. The Term B-2 Loans have a final maturity date of May 14, 2020. Amendment No. 5 also permits SEA to add one or more incremental term loan facilities to the Senior Secured Credit Facilities and/or increase commitments under the Revolving Credit Facility in an aggregate principal amount of up to $350,000. SEA may also incur additional incremental term loans provided that, among other things, on a pro forma basis after giving effect to the incurrence of such incremental term loans, the first lien secured net leverage ratio, as defined in the Senior Secured Credit Facility, is no greater than 3.50 to 1.00.

As a result of Amendment No. 5, approximately $11,500 of debt issuance costs were written off and included as loss on early extinguishment of debt and write-off of discounts and deferred financing costs on the Company’s unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2013. As a result of Amendments No. 4 and 5, the Company capitalized fees totaling approximately $14,000. Deferred financing costs, net of accumulated amortization, were $36,272 and $44,103 as of June 30, 2013 and December 31, 2012, respectively, are being amortized to interest expense using the weighted average interest method and are included in other assets in the accompanying unaudited condensed consolidated balance sheets.

SEA had no amounts outstanding at June 30, 2013 and December 31, 2012, relating to the Revolving Credit Facility. As of June 30, 2013, the Company had approximately $18,500 of outstanding letters of credit.

On August 9, 2013, SEA entered into Amendment No. 6 of the Senior Secured Credit Facilities. Amendment No. 6 amends the calculation of the Company’s covenant EBITDA to allow the add back of the $46,300 termination fee paid in connection with the termination of the advisory agreement between the Company and affiliates of Blackstone. See Note 9-Related-Party Transactions for further discussion.

Senior Notes

In conjunction with the execution of Amendment No. 3 to the Senior Secured Credit Facilities, SEA also entered into the Second Supplemental Indenture (the “Second Supplemental Indenture”) dated March 30, 2012 relating to the Senior Notes. Among other matters, the Second Supplemental Indenture granted waivers to allow SEA to issue the additional $500,000 of Term B Loans to fund the dividend payment discussed above and decreased the interest rate on the Senior Notes from 13.5% per annum to 11% per annum. SEA can redeem the Senior Notes at any time and the Senior Notes are unsecured. Interest is paid semi-annually in arrears. Until December 1, 2014, and in the case of an Equity Offering (as defined in the indenture), SEA may redeem up to 35% of the Senior Notes at a price of 111% of the principal amount of the Senior Notes redeemed plus accrued interest using the net cash proceeds from an Equity Offering. Prior to December 1, 2014, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount of the Senior Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date, subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date. The “Applicable Premium” is defined as the greater of (1) 1.0% of the principal amount of the Senior Notes and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Senior Notes at December 1, 2014 plus (ii) all required interest payments due on the Senior Notes through December 1, 2014 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal amount of the Senior Notes. On or after December 1, 2014, the Senior Notes may be redeemed at 105.5% and 102.75% of the principal balance beginning on December 1, 2014 and 2015, respectively. The Second Supplemental Indenture also increased the minimum covenant leverage ratio from 2.75 to 1.00 to 3.00 to 1.00.

10

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

In conjunction with the execution of Amendment No. 4 to the Senior Secured Credit Facilities, SEA also entered into the Fourth Supplemental Indenture, dated April 5, 2013 (the “Fourth Supplemental Indenture”). The Fourth Supplemental Indenture increased by $20,000 the amount of debt that the Company can incur and have outstanding at one time under the Senior Secured Credit Facilities and amended the transactions with affiliates covenant to allow for the payment of a termination fee, not to exceed $50,000, in connection with the termination of the advisory agreement between the Company and affiliates of Blackstone (see Note 9-Related-Party Transactions).

Interest Rate Swap Agreements

On August 23, 2012, SEA executed two interest rate swap agreements (the “Interest Rate Swap Agreements”) to effectively fix the interest rate on $550,000 of the Term B Loans. Each interest rate swap had a notional amount of $275,000; was scheduled to mature on September 30, 2016; required the Company to pay a fixed rate of interest of 1.247% per annum; paid swap counterparties a variable rate of interest based upon three month BBA LIBOR; and had interest settlement dates occurring on the last day of December, March, June and September through maturity. SEA had designated such interest rate swap agreements as qualifying cash flow hedge accounting relationships. As a result of Amendment No. 5, in May 2013, the Interest Rate Swap Agreements were restructured into two interest rate swaps totaling $550,000 to match the refinanced debt. Each restructured interest rate swap has a notional amount of $275,000; matures on September 30, 2016; requires the Company to pay a fixed rate of interest between 1.049% and 1.051% per annum; pays swap counterparties a variable rate of interest based upon the greater of three month BBA LIBOR; and has interest settlement dates occurring on the last day of December, March, June and September through maturity. SEA designated such interest rate swap agreements as qualifying cash flow hedge accounting relationships as further discussed in Note 7-Derivative Instruments and Hedging Activities which follows.

Cash paid for interest relating to the Senior Secured Credit Facilities, the Senior Notes, and the Interest Rate Swap Agreements was $47,881 and $51,175 for the six month period ending June 30, 2013 and 2012, respectively.

Long-term debt at June 30, 2013, is repayable as follows, not including any possible prepayments:

Years Ending December 31,
2013	$	7,025
2014		14,050
2015		14,050
2016		274,050
2017		14,050
Thereafter		1,341,775
Total	$	1,665,000

7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings.

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

As of June 30, 2013 and December 31, 2012, the Company did not have any derivatives outstanding that were not designated in hedge accounting relationships.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the three and six months ended June 30, 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of June 30, 2013, the Company had two outstanding interest rate swaps with a combined notional of $550,000 that were designated as cash flow hedges of interest rate risk. In connection with Amendment No. 5 to the Senior Secured Credit Facility on May 14, 2013, the Company restructured the interest rate swaps to match the refinanced debt. The restructuring of the interest rate swap required a re-designation of the hedge accounting relationship. The re-designation is expected to result in the recognition of a minimal amount of ineffectiveness throughout the remaining term of the interest rate swaps.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and six months ended June 30, 2013, there was no ineffective portion recognized in earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $1,567 will be reclassified as an increase to interest expense.

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheet as of June 30, 2013:

	Asset Derivatives As of June 30, 2013			Liability Derivatives As of June 30, 2013
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	2,096	Other liabilities	$	—
Total derivatives designated as hedging instruments		$	2,096		$	—

The unrealized gain on derivatives is recorded net of $1,378 and $1,416 in taxes for the three and six months ended June 30, 2013, respectively, and is included within the unaudited condensed consolidated statements of operations and comprehensive income (loss).

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income (Loss)

The table below presents the pre-tax effect of the Company’s derivative financial instruments on the unaudited condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2013:

	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013
Derivatives in Cash Flow Hedging Relationships:
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income	$	4,046		$	4,718
Loss related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense	$	(382	)	$	(722	)
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense)	$	—		$	—

Credit Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

As of June 30, 2013, the termination value of derivatives in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $2,191. As of June 30, 2013, the Company has posted no collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2013, it could have been required to settle its obligations under the agreements at their termination value of $2,191.

8. FAIR VALUE MEASUREMENTS

Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is required to be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The Company has determined that the majority of the inputs used to value its derivative financial instruments using the income approach fall within Level 2 of the fair value hierarchy. The Company uses readily available market data to value its derivatives, such as interest rate curves and discount factors. ASC 820, Fair Value Measurements and Disclosures, also requires consideration of credit risk in the valuation. The Company uses a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA are largely based on observable market data, with the exception of certain assumptions regarding credit worthiness which make the CVA a Level 3 input. Based on the magnitude of the CVA, it is not considered a significant input and the derivatives are classified as Level 2. Of the Company’s long-term obligations, the Term B-2 Loans are classified in Level 2 of the fair value hierarchy. The fair value of the term loans as of June 30, 2013 approximates their carrying value due to the variable nature of the underlying interest rates and the frequent intervals at which such interest rates are reset. The Senior Notes are classified in Level 3 of the fair value hierarchy and have been valued using significant inputs that are not observable in the market including a discount rate of 11.05% and projected cash flows of the underlying Senior Notes.

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

The following table presents the Company’s estimated fair value measurements and related classifications as of June 30, 2013:

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at June 30, 2013
Assets:
Derivative financial instruments (a)	$	—	$	2,096	$	—	$	2,096
Liabilities:
Long-term obligations (b)	$	—	$	1,405,000	$	265,751	$	1,670,751

(a) Reflected at fair value in the unaudited condensed consolidated balance sheet as other assets of $2,096. There were no transfers between Levels 1, 2 or 3 during the three or six months ended June 30, 2013.

(b) Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,631,829 as of June 30, 2013.

The Company did not have any assets measured at fair value at December 31, 2012. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2012:

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2012
Liabilities:
Letters of Credit	$	—	$	11,569	$	—	$	11,569
Long-term obligations (a)	$	—	$	1,445,774	$	416,317	$	1,862,091
Derivative financial instruments (b)	$	—	$	1,880	$	—	$	1,880

(a) Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $21,330 and long-term debt of $1,802,644 as of December 31, 2012.

(b) Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $1,880 at December 31, 2012.

9. RELATED-PARTY TRANSACTIONS

Certain affiliates of Blackstone provided monitoring, advisory, and consulting services to the Company under an advisory fee agreement (the “2009 Advisory Agreement”), which was terminated on April 24, 2013 in connection with the completion of the initial public offering (see Note 12 – Stockholders’ Equity). Fees related to these services, which were based upon a multiple of EBITDA as defined in the 2009 Advisory Agreement, amounted to $1,874 and $2,799 for the three and six months ended June 30, 2013, respectively, and $1,999 and $2,811 for the three and six months ended June 30, 2012, respectively. These amounts are included in selling, general, and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss).

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

In connection with the completion of the initial public offering on April 24, 2013 (see Note 12 – Stockholders’ Equity), the 2009 Advisory Agreement between the Company and affiliates of Blackstone was terminated (except for provisions relating to indemnification and certain other provisions, which survived termination). In connection with such termination, the Company paid a termination fee of $46,300 to Blackstone with a portion of the net proceeds from the offering and wrote-off $3,772 of the 2013 prepaid advisory fee. The combined expense of $50,072 is recorded as termination of advisory agreement in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss).

On March 30, 2012, the Company declared and paid a $500,000 cash dividend to its stockholders. In June 2013, the Company’s Board of Directors declared a cash dividend of $0.20 per share payable on July 1, 2013 to all common stockholders of record at the close of business on June 20, 2013. In connection with the dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $500,000 and $11,749 on March 30, 2012 and July 1, 2013, respectively.

10. COMMITMENTS AND CONTINGENCIES

The Company is a party to various claims and legal proceedings arising in the normal course of business. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating, and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if such amount or range can be determined. Management does not expect any known claims or legal proceedings to have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows.

11. EQUITY-BASED COMPENSATION

In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period.

Employee Units Surrendered for Common Stock

Prior to April 18, 2013, the Company had an Employee Unit Incentive Plan (“Employee Unit Plan”). Under the Employee Unit Plan, the Partnerships granted Employee Units to certain key employees of SEA (“Employee Units”). The Employee Units which were granted were accounted for as equity awards and were divided into three tranches, Time-Vesting Units (“TVUs”), 2.25x Performance Vesting Units (“PVUs”) and 2.75x PVUs. Upon vesting of the Employee Units, the Company issued the corresponding number of shares of common stock of the Company to the Partnerships. There was no related cost to the employee upon vesting of the units. As of April 18, 2013, 669,293 Employee Units had been granted under the Employee Unit Plan, net of forfeitures. Separately, certain members of management in 2011 also purchased an aggregate of 29,240 Class D Units of the Partnerships (“Class D Units”).

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Prior to the consummation of the Company’s initial public offering, on April 18, 2013, the Employee Units and Class D Units held by certain of the Company’s directors, officers, employees, and consultants were surrendered to the Partnerships and such individuals received an aggregate of 4,165,861 shares of the Company’s issued and outstanding common stock from the Partnerships. The number of shares of the Company’s common stock received by such individuals from the Partnerships was determined in a manner intended to replicate the economic value to each equity holder immediately prior to the transaction. The Class D Units and vested Employee Units were surrendered for an aggregate of 949,142 shares of common stock. The unvested Employee Units were surrendered for an aggregate of 3,216,719 unvested restricted shares of the Company’s common stock, which are subject to vesting terms substantially similar to those applicable to the unvested Employee Units immediately prior to the transaction. These unvested restricted shares consist of Time Restricted shares, and 2.25x and 2.75x Performance Restricted shares, which, for accounting purposes, such shares were removed from issued and outstanding shares until their restrictions are met, as shown on the accompanying unaudited condensed consolidated statement of changes in stockholders’ equity. The following table sets forth the number of Class D Units and Employee Units surrendered for shares of common stock prior to the consummation of the Company’s initial public offering:

	Units		Shares of Common Stock
	(not in thousands)
Vested TVUs surrendered for shares of stock		121,206		727,852
Class D Units surrendered for shares of stock		29,240		221,290
Total Class D Units and vested TVUs surrendered for shares of stock		150,446		949,142
Unvested TVUs surrendered for unvested Time Restricted shares of stock		103,913		599,215
2.25x PVUs surrendered for 2.25x Performance Restricted shares of stock		222,087		1,308,752
2.75x PVUs surrendered for 2.75x Performance Restricted shares of stock		222,087		1,308,752
Total unvested TVUs and PVUs surrendered for shares of unvested restricted stock		548,087		3,216,719
Total units surrendered for shares of stock and unvested restricted stock		698,533		4,165,861

Time-Vesting Units (TVUs) and Time Restricted Shares

One-third of the Employee Units originally granted vested over five years (20% per year). Generally, the vesting began on the earlier of December 1, 2009, or the grant date. Vesting was contingent upon continued employment. In the event of a change of control (defined as a sale or disposition of the assets of the limited partnership to other than a Blackstone affiliated group or, if any group other than a Blackstone-affiliated entity, becomes the general partner or the beneficial owner of more than 50% interest), the TVUs immediately 100% vested. The TVUs were originally recorded at the fair market value at the date of grant and were being amortized to compensation expense over the vesting period.

The shares of stock received upon surrender of the Employee Units contain substantially identical terms, conditions and vesting schedules as the previously outstanding Employee Units. In accordance with the guidance in ASC 718-20, Compensation-Stock Compensation, the surrender of the Employee Units for shares of common stock and Time Restricted shares qualifies as a modification of an equity compensation plan. As such, the Company calculated the incremental fair value of the TVU awards immediately prior to and after their modification and determined that $282 of incremental equity compensation cost would be recorded upon surrender of the vested TVUs for vested shares of stock in the three months ended June 30, 2013. The remaining incremental compensation cost of $220 which represents the incremental cost on the unvested TVUs which were surrendered for unvested Time Restricted shares of restricted stock, will be added to the original grant date fair value of the TVU awards and amortized to compensation expense over the remaining vesting period.

Total combined compensation expense related to these TVU and Time Restricted share awards was $611 and $931 for the three and six months ended June 30, 2013 and $300 and $567 for the three and six months ended June 30, 2012 and is included in selling, general, and administrative expenses in the accompanying unaudited condensed consolidated statement of operations and comprehensive income (loss) and as contributed capital in the accompanying unaudited condensed consolidated statements of stockholders’ equity. Total unrecognized compensation cost related to the unvested Time Restricted shares, expected to be recognized over the remaining vesting term which approximates two years, was approximately $2,295 as of June 30, 2013. The activity related to

16

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

the TVU and Time Restricted share awards for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares			Weighted Average Fair Value (per Unit/Share)		Weighted Average Remaining Contractual Term
	(not in thousands)
Outstanding unvested TVUs at December 31, 2012		112,701					$	21.70
Vested units		(8,788	)				$	22.71
TVUs surrendered for unvested Time Restricted shares of stock		(103,913	)		599,215		$	4.38
Vested shares		—			(8,909	)	$	4.38
Forfeited		—			—			—
Outstanding unvested Time Restricted shares of stock at June 30, 2013		—			590,306		$	4.38	25 months

2.25x and 2.75x Performance Vesting Units (PVUs) and Performance Restricted Shares

Two tranches of the Employee Units vested only if certain events occur. The 2.25x PVUs under the Employee Unit Plan vested if the employee is employed by the Company when and if Blackstone receives cash proceeds (not subject to any clawback, indemnity or similar contractual obligation) in respect of its Partnerships units equal to (x) a 20% annualized effective compounded return rate on Blackstone’s investment and (y) a 2.25x on Blackstone’s investment. The 2.75x PVUs under the Employee Unit Plan vested if the employee is employed by the Company when and if Blackstone received cash proceeds (not subject to any clawback, indemnity or similar contractual obligation) in respect of its Partnerships units equal to (x) a 15% annualized effective compounded return rate on Blackstone’s investment and (y) a 2.75x multiple on Blackstone’s investment. The PVUs had no termination date other than termination of employment from the Company and there were no service or period vesting conditions associated with the PVUs other than employment at the time the benchmark was reached; no compensation was recorded related to these PVUs prior to the modification since their exercise was not considered probable. The unvested Performance Restricted shares received upon surrender of the Employee Unit PVUs contain substantially the same terms and conditions as the previously outstanding PVUs. No compensation expense will be recorded related to the Performance Restricted shares until their vesting is probable, accordingly, no compensation expense has been recorded during the six months ended June 30, 2013 or 2012 related to these PVU or Performance Restricted share awards.

The activity related to the 2.25x Performance Restricted shares for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares
	(not in thousands)
Outstanding 2.25x PVUs at December 31, 2012		225,051
Forfeited		(2,964	)
2.25x PVUs surrendered for unvested 2.25x Performance Restricted shares of stock		(222,087	)		1,308,752
Vested					—
Outstanding unvested 2.25x Performance Restricted shares of stock at June 30, 2013		—			1,308,752

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

The activity related to the 2.75x Performance Restricted shares for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares
	(not in thousands)
Outstanding 2.75x PVUs at December 31, 2012		225,051
Forfeited		(2,964	)
2.75x PVUs surrendered for unvested 2.75x Performance Restricted shares of stock		(222,087	)		1,308,752
Vested					—
Outstanding unvested 2.75x Performance Restricted shares of stock at June 30, 2013		—			1,308,752

The fair value of each Employee Unit originally granted was estimated on the date of grant using a composite of the discounted cash flow model and the guideline public company approach to determine the underlying enterprise value. The discounted cash flow model was based upon significant inputs that are not observable in the market. Key assumptions included projected cash flows, a discount rate of 10.5%, and a terminal value. The guideline public company approach uses relevant public company valuation multiples to determine fair value. The value of the individual equity tranches was allocated based upon the Option-Pricing Method model. Significant assumptions included a holding period of 2.6 to 3.6 years, a risk free rate of 0.33% to 1.22%, volatility of approximately 49% to 57%, a discount for lack of marketability, depending upon the units, from 31% to 53% and a 0 dividend yield. Volatility for SEA’s stock at the date of grant was estimated using the average volatility calculated for a peer group, which is based upon daily price observations over the estimated term of units granted.

In order to calculate the incremental fair value at the modification date, the Option-Pricing Method model was used to estimate the fair value prior to the modification. For the fair value after the modification, the initial public offering price of $27.00 per share was used to calculate the fair value of the TVUs while the fair value of the PVUs was estimated using an asset-or-nothing call option approach. Significant assumptions used in both the Option-Pricing Method model and the asset-or-nothing call option approach included a holding period of approximately 2 years from the initial public offering date, a risk free rate of 0.24%, a volatility of approximately 37.6% based on re-levered historical and implied equity volatility of comparable companies and a 0 dividend yield.

2013 Omnibus Incentive Plan

The Company reserved 15,000,000 shares of common stock for future issuance under the Company’s new 2013 Omnibus Incentive Plan (“2013 Omnibus Plan”). The 2013 Omnibus Plan is administered by the compensation committee of the Board of Directors, and provides that the Company may grant equity incentive awards to eligible employees, directors, consultants or advisors in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based and performance compensation awards. If an award under the 2013 Omnibus Plan terminates, lapses, or is settled without the payment of the full number of shares subject to the award, the undelivered shares may be granted again under the 2013 Omnibus Plan.

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

On April 19, 2013, 494,557 shares of restricted stock were granted to the Company’s directors, officers and employees under the 2013 Omnibus Incentive Plan (the “2013 Grant”). The shares granted were in the form of time vesting restricted shares (“Time Restricted 2013 shares”), 2.25x performance restricted shares (“2.25x Performance Restricted 2013 shares”) and 2.75x performance restricted shares (“2.75x Performance Restricted 2013 shares”). The activity related to the 2013 Grant for the six months ended June 30, 2013, is as follows:

	Shares			Weighted Average Grant Date Fair Value (per Share)		Weighted Average Remaining Contractual Term
		(not in thousands	)
2013 Grant
Granted:
Time Restricted 2013 shares vesting after lock up period		85,647		$	33.52	6 months
Time Restricted 2013 shares vesting over remaining service period		82,290		$	33.52	25 months
2.25x Performance Restricted 2013 shares		163,310		$	30.46
2.75x Performance Restricted 2013 shares		163,310		$	23.05
Vested		—			—
Forfeited		—			—
Outstanding 2013 Grant unvested restricted shares at June 30, 2013		494,557		$	29.05

The vesting terms and conditions of the Time Restricted 2013 shares, the 2.25x Performance Restricted 2013 shares, and the 2.75x Performance Restricted 2013 shares included in the 2013 Grant are substantially the same as those of the previous Employee Unit Plan TVUs, 2.25x PVUs, and 2.75x PVUs, respectively, (see previous discussion concerning the TVU and PVU vesting conditions). For the Time Restricted 2013 shares, after an initial 180 day post initial public offering lock up period, the vesting schedule from the Employee Unit Plan carries over so that each recipient will vest in the 2013 Grant in the same proportion as they were vested in the previous Employee Unit Plan. The remaining unvested shares will vest over the remaining service period, subject to substantially the same vesting conditions which carried over from the previous Employee Unit Plan.

The grant date fair value for the Time Restricted 2013 shares awarded was determined based on the closing market price of the Company’s stock at the date of grant applied to the total number of shares that are anticipated to fully vest. The fair value of the restricted shares will be recognized as equity compensation on a straight-line basis over the requisite service period as if the award was, in substance, multiple awards consisting of the Time Restricted 2013 shares which vest at the end of the 180 day lock up period, and the remaining Time Restricted 2013 shares which vest over the requisite service period. As a result, approximately $1,291 of equity compensation expense was recognized in the three months ended June 30, 2013 related to the 2013 Grant, leaving unrecognized equity compensation expense related to the Time Restricted 2013 shares of $1,914 to be recognized by the end of the lock up period and $2,424 to be recognized over the remaining requisite service period.

The grant date fair value of the 2.25x and 2.75x Performance Restricted 2013 shares was measured using the asset-or-nothing option pricing model. Significant assumptions included a holding period of approximately 2 years from the initial public offering date, a risk free rate of 0.24%, a volatility of approximately 33.2% based on re-levered historical and implied equity volatility of comparable companies and a 0 dividend yield. There is no compensation expense recorded related to the Performance Restricted 2013 shares until their issuance is probable. Total unrecognized compensation expense as of June 30, 2013 for the 2013 Grant was approximately $4,974 and $3,764 for the 2.25x Performance Restricted 2013 shares and 2.75x Performance Restricted 2013 shares, respectively.

As of June 30, 2013, there were 14,505,443 shares of common stock available for future issuance under the Company’s 2013 Omnibus Plan.

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SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

12. STOCKHOLDERS’ EQUITY

Stock Split

On April 7, 2013, the Company’s Board of Directors authorized an eight-for-one split of the Company’s common stock which was effective on April 8, 2013. The Company retained the current par value of $0.01 per share for all shares of common stock after the stock split, and accordingly, stockholders’ equity on the accompanying unaudited condensed consolidated balance sheets and the unaudited condensed consolidated statements of changes in stockholders’ equity reflects the stock split by reclassifying from “Additional paid-in capital” to “Common stock” an amount equal to the par value of the additional shares arising from the split. The Company’s historical share and per share information has been retroactively adjusted to give effect to this stock split.

Contemporaneously with the stock split, the Company’s Board of Directors approved an increase in the number of authorized shares of common stock to 1 billion shares. Additionally, upon the consummation of the initial public offering, the Board of Directors authorized 100,000,000 shares of preferred stock at a par value of $0.01 per share.

Initial Public Offering and Use of Proceeds

On April 24, 2013, the Company completed its initial public offering of its common stock in which it offered and sold 10,000,000 shares of common stock and the selling shareholders of the Company offered and sold 19,900,000 shares of common stock including, 3,900,000 shares of common stock pursuant to the exercise in full of the underwriters’ over-allotment option. The shares offered and sold in the offering were registered under the Securities Act pursuant to the Company’s Registration Statement on Form S-1, which was declared effective by the SEC on April 18, 2013. The common stock is listed on the New York Stock Exchange under the symbol “SEAS”.

The Company’s shares of common stock were sold at an initial public offering price of $27.00 per share, which generated net proceeds of approximately $245,400 to the Company after deducting underwriting discounts, expenses and transaction costs. The Company did not receive any proceeds from shares sold by the selling shareholders. The Company used a portion of the net proceeds received in the offering to redeem $140,000 in aggregate principal amount of its Senior Notes at a redemption price of 111.0% plus accrued and unpaid interest thereon, pursuant to a provision in the indenture governing the Senior Notes that permits the Company to redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings. In addition, the Company used approximately $46,300 of the net proceeds received from the offering to make a one-time payment to an affiliate of Blackstone in connection with the termination of the 2009 Advisory Agreement (see Note 9 – Related-Party Transactions). Of the net proceeds received from the offering, $37,000 was used to repay a portion of the outstanding indebtedness under Term Loan B. The remainder of the proceeds was used for other general corporate purposes.

Dividends

In March 2012, the Company declared a $500,000 cash dividend to its common stockholders, which at that time consisted of entities controlled by certain affiliates of Blackstone. In June 2013, the Company’s Board of Directors adopted a policy to pay a regular quarterly dividend. As a result, an initial quarterly cash dividend of $0.20 per share payable on July 1, 2013 was declared to all common stockholders of record at the close of business on June 20, 2013. Unvested restricted shares carry dividend rights and therefore the dividends are payable as the shares vest in accordance with the underlying stock compensation grants. As of June 30, 2013, the Company had $18,072 of cash dividends payable included in other current liabilities in the accompanying unaudited condensed consolidated balance sheet. Dividends on the 2.25x and 2.75x Performance Restricted shares, including the 2.25x and 2.75x Performance Restricted 2013 shares (collectively the “Performance Restricted shares”), were approximately $294 for each tranche and will accumulate and be paid only if and to the extent the Performance Restricted shares vest in accordance with their terms. The Company has not recorded a payable related to these dividends as the vesting of the Performance Restricted Shares is not probable.

13. SUBSEQUENT EVENTS

In connection with the preparation of the unaudited condensed consolidated financial statements, the Company evaluated subsequent events after the condensed consolidated balance sheet date through the date the unaudited condensed consolidated financial statements were issued, to determine whether any events occurred that required recognition or disclosure in the accompanying unaudited condensed consolidated financial statements. The Company believes there are no additional events which require disclosure.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion contains management’s discussion and analysis of our financial condition and results of operations and should be read together with the unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the “Risk Factors” section of our prospectus. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q.

Business Overview

We are a leading theme park and entertainment company delivering personal, interactive and educational experiences that blend imagination with nature and enable our customers to celebrate, connect with and care for the natural world we share. We own or license a portfolio of globally recognized brands, including SeaWorld, Shamu and Busch Gardens. Over our more than 50-year history, we have built a diversified portfolio of 11 destination and regional theme parks that are grouped in key markets across the United States, many of which showcase our one-of-a-kind collection of approximately 67,000 marine and terrestrial animals. Our theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for our guests. In addition to our theme parks, we have recently begun to leverage our brands into media, entertainment and consumer products. During the three months ended June 30, 2013, we hosted approximately 6.6 million guests in our theme parks, including approximately 0.8 million international guests. In the three months ended June 30, 2013, we generated total revenues of $411.3 million and incurred a net loss of $15.9 million. During the six months ended June 30, 2013, we hosted approximately 10.1 million guests in our theme parks, including approximately 1.5 million international guests. In the six months ended June 30, 2013, we generated total revenues of $649.9 million and incurred a net loss of $56.2 million.

Key Business Metrics Evaluated by Management

Attendance

We define attendance as the number of guest visits to our theme parks. Increased attendance drives increased admission revenue to our theme parks as well as total in-park spending. The level of attendance at our theme parks is a function of many factors, including the opening of new attractions and shows, weather, global and regional economic conditions, competitive offerings and overall consumer confidence in the economy.

Total Revenue Per Capita

Total revenue per capita, defined as total revenue divided by total attendance, consists of admission per capita and in-park per capita spending:

• Admission Per Capita. We calculate admission per capita for any period as total admission revenue divided by total attendance. Theme park admissions accounted for approximately 62% and 63% of our revenue for the three and six months ended June 30, 2013, respectively. For the second quarter of 2013, we reported $38.85 in admission per capita, representing an increase of 8.7% from the second quarter of 2012. For the six months ended June 30, 2013, we reported $40.49 in admission per capita, representing an increase of 10.1% from the same period in 2012. Admission per capita is driven by ticket pricing, the mix of tickets purchased (such as single day, multi-day and annual pass) and the mix of attendance by theme parks visited.

• In-Park Per Capita Spending. We calculate in-park per capita spending for any period as total food, merchandise and other revenue divided by total attendance. For the three and six months ended June 30, 2013, food, merchandise and other revenue accounted for approximately 38% and 37% of our total revenue, respectively. For the second quarter of 2013, we reported $23.81 of in-park per capita spending, representing an increase of 3.5% from the second quarter of 2012. For the six months ended June 30, 2013, we reported $24.10 of in-park per capita spending, representing an increase of 4.5% from the same period in 2012. In-park per capita spending is driven by pricing changes, penetration levels (percentage of guests purchasing), new product offerings, the mix of guests and the mix of in-park spending.

Trends Affecting Our Results of Operations

Our success depends to a significant extent on discretionary consumer spending, which is heavily influenced by general economic conditions and the availability of discretionary income. The recent severe economic downturn, coupled with high volatility and uncertainty as to the future global economic landscape, has had and continues to have an adverse effect on consumers’ discretionary income and consumer confidence. Difficult economic conditions and recessionary periods may adversely impact attendance figures, the frequency with which guests choose to visit our theme parks and guest spending patterns at our theme parks. Historically, our revenue and attendance growth have been highly correlated with domestic economic growth, as reflected in the gross domestic product (“GDP”) and the overall level of growth in domestic consumer spending. For example, in 2009 and 2010, we experienced a decline in attendance as a result of the global economic crisis, which in turn adversely affected our revenue and profitability. We expect that forecasted moderate improvements in GDP and growth in domestic consumer spending will have a positive impact on our future performance. Both attendance and total per capita spending at our theme parks are key drivers of our revenue and profitability, and reductions in either can materially adversely affect our business, financial condition, results of operations and cash flows.

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Seasonality

The theme park industry is seasonal in nature. Based upon historical results, we generate the highest revenues in the second and third quarters of each year, in part because six of our theme parks are only open for a portion of the year. Approximately two-thirds of our attendance and revenues are generated in the second and third quarters of the year and we typically incur a net loss in the first and fourth quarters. The mix of revenues by quarter is relatively constant, but revenues can shift between the first and second quarters due to the timing of Easter or between the first and fourth quarters due to the timing of Christmas and New Year’s. Even for our five theme parks open year-round, attendance patterns have significant seasonality, driven by holidays, school vacations and weather conditions. One of our goals in managing our business is to continue to generate cash flow throughout the year and minimize the effects of seasonality. In recent years, we have begun to encourage attendance during non-peak times by offering a variety of seasonal programs and events, such as a winter kids festival, spring concert series, and Halloween and Christmas events. In addition, during seasonally slow times, operating costs are controlled by reducing operating hours and show schedules. Employment levels required for peak operations are met largely through part-time and seasonal hiring.

Principal Factors Affecting Our Results of Operations

Revenues

Our revenues are driven primarily by attendance in our theme parks and the level of per capita spending for admission to the theme parks and per capita spending inside the theme parks for culinary, merchandise and other in-park experiences. The level of attendance in our theme parks is a function of many factors, including the opening of new attractions and shows, weather, global and regional economic conditions, competitive offerings and consumer confidence. The per capita spending for admission to the theme parks is driven by ticket pricing, the mix of ticket type purchased (such as single day, multi-day, and annual pass) and the mix of attendance by theme parks visited. In-park per capita spending is driven by pricing changes, penetration levels (percentage of guests purchasing), new product offerings, the mix of guests and the mix of in-park spending. For other factors affecting our revenues, see the “Risk Factors” section of our prospectus.

In addition to the theme parks, we are also involved in entertainment, media, and consumer product businesses that leverage our intellectual property. While these businesses currently do not represent a material percentage of our revenue, they are important strategic drivers in terms of consumer awareness and brand building. We aim to expand these businesses into a greater source of revenue in the future.

Costs and Expenses

The principal costs of our operations are employee salaries, employee benefits, advertising, maintenance, animal care, utilities and insurance. Factors that affect our costs and expenses include commodity prices, costs for construction, repairs and maintenance, other inflationary pressures and attendance levels. A large portion of our expenses is relatively fixed because the costs for full-time employees, maintenance, animal care, utilities, advertising and insurance do not vary significantly with attendance. For factors affecting our costs and expenses, see the “Risk Factors” section of our prospectus.

We barter theme park admission products for advertising and various other products and services. The fair value of the admission products is recognized into revenue and related expenses at the time of the exchange and approximates the fair value of the goods or services received.

Results of Operations

The following discussion provides an analysis of our operating results for the three and six months ended June 30, 2013 and 2012. This data should be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q.

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Comparison of the Three Months Ended June 30, 2013 and 2012

The following table presents key operating and financial information for the three months ended June 30, 2013 and 2012:

	For the Three Months Ended June 30,
	2013			2012
	(Unaudited, in thousands, except per capita data)
Net revenues:
Admissions	$	255,001		$	259,058
Food, merchandise and other		156,291			166,824
Total revenues		411,292			425,882
Costs and expenses:
Cost of food, merchandise and other revenues		32,974			36,959
Operating expenses		194,674			205,370
Selling, general and administrative		62,168			49,028
Termination of advisory agreement		50,072			—
Depreciation and amortization		40,424			41,439
Total costs and expenses		380,312			332,796
Operating income		30,980			93,086
Other income, net		107			733
Interest expense		22,926			28,909
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs		32,429			—
(Loss) income before income taxes		(24,268	)		64,910
(Benefit from) provision for income taxes		(8,414	)		25,790
Net (loss) income	$	(15,854	)	$	39,120
Other data:
Attendance		6,563			7,249
Total revenue per capita	$	62.67		$	58.75

Admissions revenue. Admissions revenue for the three months ended June 30, 2013 decreased $4.1 million (2%) to $255.0 million as compared to $259.1 million for the three months ended June 30, 2012. The decrease in admissions revenue was a result of a 9% decrease in attendance, which was largely offset by a 9% increase in admission per capita from $35.74 in the second quarter of 2012 to $38.85 in the second quarter of 2013. Attendance in the quarter decreased primarily due to the timing and compression of Easter in 2013 along with the impact of adverse weather conditions particularly at our Florida and Virginia parks during the second quarter of 2013. These weather conditions also impacted all but one of our park locations in the month of June. Attendance also declined due to the expected impact of new pricing and yield management strategies. The improvement in admission per capita was primarily a result of higher ticket pricing and yield management strategies including a reduction in ticket price promotional offerings.

Food, merchandise and other revenue. Food, merchandise and other revenue for the three months ended June 30, 2013 decreased $10.5 million (6%) to $156.3 million as compared to $166.8 million for the three months ended June 30, 2012. This decrease was a result of a 9% decrease in total attendance, which was partially offset by a 3% increase in in-park per capita spending from $23.01 in the second quarter of 2012 to $23.81 in the second quarter of 2013. The increase in in-park per capita spending was primarily due to targeted price increases and increased in-park offerings reflecting our continued efforts to provide incremental and enhanced service offerings.

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Costs of food, merchandise and other revenues. Costs of food, merchandise and other revenues for the three months ended June 30, 2013 decreased $4.0 million (11%) to $33.0 million as compared to $37.0 million for the three months ended June 30, 2012. These costs represent 21.1% of related revenue earned for the three months ended June 30, 2013 and 22.2% of related revenue earned for the three months ended June 30, 2012.

Operating expenses. Operating expenses for the three months ended June 30, 2013 decreased $10.7 million (5%) to $194.7 million as compared to $205.4 million for the three months ended June 30, 2012. Operating expenses reflected 47.3% of total revenues for the three months ended June 30, 2013 and 48.2% for the three months ended June 30, 2012. The decrease in operating expenses was primarily driven by reduced variable costs, including direct labor costs due to the impact of reduced attendance along with successful expense reductions implemented to offset the volume decline.

Selling, general and administrative. Selling, general and administrative expenses for the three months ended June 30, 2013 increased $13.2 million (27%) to $62.2 million as compared to $49.0 million for the three months ended June 30, 2012. As a percent of total revenue, selling, general and administrative expenses were 15.1% in the three months ended June 30, 2013 compared to 11.5% in the second quarter of 2012. This increase was primarily a result of the timing of advertising and media expenses and additional promotional costs surrounding the opening of Antarctica. Selling, general and administrative expenses were also impacted by additional equity compensation expense primarily related to a new restricted stock grant in April 2013 as well as an increase in corporate salaries due to planned additions to our corporate structure as a result of our initial public offering and the related increased public company requirements.

Termination of advisory agreement. During the three months ended June 30, 2013, in conjunction with the completion of our initial public offering, the 2009 Advisory Agreement was terminated. In connection with such termination, we paid a termination fee of $46.3 million to an affiliate of Blackstone and recorded a write-off of $3.8 million in 2013 prepaid advisory fees.

Depreciation and amortization. Depreciation and amortization expense for the three months ended June 30, 2013 decreased $1.0 million (2%) to $40.4 million as compared to $41.4 million for the three months ended June 30, 2012.

Interest expense. Interest expense for the three months ended June 30, 2013 decreased $6.0 million (21%) to $22.9 million as compared to $28.9 million for the three months ended June 30, 2012, primarily reflecting the effects of the redemption of $140.0 million of our Senior Notes and the repayment of $37.0 million in term loan under our Senior Secured Credit Facilities in April 2013 with a portion of the net proceeds from our initial public offering as well as the impact of Amendment No. 5 to our Senior Secured Credit Facilities, which reduced our interest rate.

Loss on early extinguishment of debt and write-off of discounts and deferred financing costs. Loss on early extinguishment of debt and write-off of discounts and deferred financing costs of $32.4 million for the three months ended June 30, 2013 relates to a $15.4 million premium paid for the early redemption of $140.0 million of our Senior Notes with a portion of the net proceeds from our initial public offering in April 2013, along with a write-off of approximately $5.5 million in related discounts and deferred financing costs and the write-off of approximately $11.5 million of certain debt issuance costs in connection with Amendment No. 5 to our Senior Secured Credit Facilities.

(Benefit from) provision for income taxes. (Benefit from) provision for income taxes for the three months ended June 30, 2013 was a benefit of $8.4 million compared to a provision of $25.8 million in the three months ended June 30, 2012. The benefit in the second quarter of 2013 compared to the provision in the second quarter of 2012 primarily results from a pretax loss in the second quarter of 2013 compared to pretax income in the prior year quarter partially offset by a decrease in our effective income tax rate (from 39.7% to 34.7%). Our effective income tax rate decreased due to changes in our state tax compliance structure along with certain non-recurring tax credits.

24

Comparison of the Six Months Ended June 30, 2013 and 2012

The following table presents key operating and financial information for the six months ended June 30, 2013 and 2012:

	For the Six Months Ended June 30,
	2013			2012
	(Unaudited, in thousands, except per capita data)
Net revenues:
Admissions	$	407,427		$	392,313
Food, merchandise and other		242,475			246,011
Total revenues		649,902			638,324
Costs and expenses:
Cost of food, merchandise and other revenues		52,802			55,659
Operating expenses		367,934			368,746
Selling, general and administrative		102,155			91,764
Termination of advisory agreement		50,072			—
Depreciation and amortization		81,832			77,348
Total costs and expenses		654,795			593,517
Operating (loss) income		(4,893	)		44,807
Other income, net		180			1,873
Interest expense		51,532			56,718
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs		32,429			—
Loss before income taxes		(88,674	)		(10,038	)
Benefit from income taxes		(32,460	)		(4,024	)
Net loss	$	(56,214	)	$	(6,014	)
Other data:
Attendance		10,062			10,667
Total revenue per capita	$	64.59		$	59.84

Admissions revenue. Admissions revenue for the six months ended June 30, 2013 increased $15.1 million (4%) to $407.4 million as compared to $392.3 million for the six months ended June 30, 2012. The increase in revenue was a result of a 10% increase in admission per capita from $36.78 in the first half of 2012 to $40.49 in the first half of 2013 offset largely by a 6% decrease in total attendance. The improvement in admission per capita was primarily a result of higher ticket pricing and yield management strategies including a reduction in promotional ticket price offerings. Attendance in 2013 declined primarily due to the expected impact of these new pricing and yield management strategies, along with the impact of adverse weather conditions, particularly at our Florida and Virginia parks during the second quarter. These weather conditions also impacted all but one of our park locations in the month of June. The unfavorable timing of Easter on March 31^st in 2013 also contributed to the attendance decline as it caused an overlap with the spring break holiday period for schools in many of our key markets.

Food, merchandise and other revenue. Food, merchandise and other revenue for the six months ended June 30, 2013 decreased $3.5 million (1%) to $242.5 million as compared to $246.0 million for the six months ended June 30, 2012. This decrease was a result of the decrease in attendance offset by a 5% increase in in-park per capita spending from $23.06 in the first half of 2012 to $24.10 in the first half of 2013. The increase in in-park per capita spending was due to targeted price increases and increased penetration and in-park offerings reflecting our continued efforts to provide incremental and enhanced service offerings.

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Costs of food, merchandise and other revenues. Costs of food, merchandise and other revenues for the six months ended June 30, 2013 decreased $2.9 million (5%) to $52.8 million as compared to $55.7 million for the six months ended June 30, 2012. These costs represent 21.8% of related revenue earned for the six months ended June 30, 2013 and 22.6% of related revenue earned for the six months ended June 30, 2012.

Operating expenses. Operating expenses for the six months ended June 30, 2013 decreased slightly by $0.8 million (less than 1%) to $367.9 million as compared to $368.7 million for the six months ended June 30, 2012. Operating expenses reflected 56.6% of total revenues for the six months ended June 30, 2013 and 57.8% for the six months ended June 30, 2012.

Selling, general and administrative. Selling, general and administrative expenses for the six months ended June 30, 2013 increased $10.4 million (11%) to $102.2 million as compared to $91.8 million for the six months ended June 30, 2012. As a percent of total revenue, selling, general and administrative expenses were 15.7% in the six months ended June 30, 2013 compared to 14.4% in the six months ended June 30, 2012. This increase was primarily a result of the timing of advertising and media expenses and additional promotional costs surrounding the opening of Antarctica. Selling, general and administrative expenses were also impacted by additional equity compensation expense primarily related to a new restricted stock grant in April 2013 as well as an increase in corporate salaries due to planned additions to our corporate structure as a result of our initial public offering and the related increased public company requirements.

Termination of advisory agreement. During the six months ended June 30, 2013, in conjunction with the completion of our initial public offering, the 2009 Advisory Agreement was terminated. In connection with such termination, we paid a termination fee of $46.3 million to an affiliate of Blackstone and recorded a write-off of $3.8 million in 2013 prepaid advisory fees.

Depreciation and amortization. Depreciation and amortization expense for the six months ended June 30, 2013 increased $4.5 million (6%) to $81.8 million as compared to $77.3 million for the six months ended June 30, 2012. The increase was primarily attributable to asset additions during the prior 12 month period.

Interest expense. Interest expense for the six months ended June 30, 2013 decreased $5.2 million (9%) to $51.5 million as compared to $56.7 million for the six months ended June 30, 2012, primarily reflecting the effects of our March 2012 and May 2013 amendments to the terms of our Senior Secured Credit Facilities, which reduced our interest rates as well as the redemption of $140.0 million of our Senior Notes and the repayment of $37.0 million in term loan under our Senior Secured Credit Facilities in April 2013 with a portion of the net proceeds from our initial public offering.

Loss on early extinguishment of debt and write-off of discounts and deferred financing costs. Loss on early extinguishment of debt and write-off of discounts and deferred financing costs of $32.4 million for the six months ended June 30, 2013 relates to a $15.4 million premium paid for the early redemption of $140.0 million of our Senior Notes with a portion of the net proceeds from our initial public offering in April 2013, along with a write-off of approximately $5.5 million in related discounts and deferred financing costs and the write-off of approximately $11.5 million of certain debt issuance costs in connection with Amendment No. 5 to our Senior Secured Credit Facilities.

Benefit from income taxes. Benefit from income taxes for the six months ended June 30, 2013 was $32.5 million compared to $4.0 million in the six months ended June 30, 2012. The increase primarily results from the increase in pretax loss in the first half of 2013 compared to the first half of 2012 offset by a decrease in our effective income tax rate (from 40.1% to 36.6%). Our effective income tax rate decreased due to changes in our state tax compliance structure along with certain non-recurring tax credits.

Liquidity and Capital Resources

Overview

Our principal sources of liquidity are cash generated from operations, funds from borrowings and existing cash on hand. Our principal uses of cash include the funding of working capital obligations, debt service, investments in theme parks (including capital projects), and common stock dividends. We operated with a working capital deficit in the three and six months ending June 30, 2013 and 2012 and we expect that we will continue to have working capital deficits in the future. The working capital deficits are due in part to a significant deferred revenue balance from revenues paid in advance for our theme park admissions products and high turnover of in-park products that results in a limited inventory balance. Our cash flow from operations, along with our revolving credit facilities, have allowed us to meet our liquidity needs while maintaining a working capital deficit.

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As market conditions warrant and subject to our contractual restrictions and liquidity position, we, our affiliates and/or our major stockholders, including Blackstone and its affiliates, may from time to time repurchase our outstanding equity and/or debt securities, including the 11% Senior Notes due 2016 (the “Senior Notes”) and/or our outstanding bank loans in privately negotiated or open market transactions, by tender offer or otherwise. Any such repurchases may be funded by incurring new debt, including additional borrowings under the Senior Secured Credit Facilities. Any new debt may also be secured debt. We may also use available cash on our balance sheet. The amounts involved in any such transactions, individually or in the aggregate, may be material. Further, since some of our debt may trade at a discount to the face amount, any such purchases may result in our acquiring and retiring a substantial amount of any particular series, with the attendant reduction in the trading liquidity of any such series.

In June 2013, our Board of Directors adopted a policy to pay quarterly dividends. As a result, an initial quarterly cash dividend of $0.20 per share, payable on July 1, 2013, was declared to all common stockholders of record at the close of business on June 20, 2013. Approximately $17.9 million was paid on July 1, 2013 and approximately $0.2 million will be paid as certain time restricted shares vest over their requisite service period. Dividends on certain performance restricted shares were approximately $0.6 million and will accumulate and be paid only if and to the extent the shares vest in accordance with their terms. See Note 12-Dividends to our unaudited condensed consolidated financial statements therein for further discussion.

In March 2012, the Board of Directors declared a $500.0 million cash dividend to our common stockholders, which at that time consisted of entities controlled by certain affiliates of Blackstone, of which $463.2 million was paid in the six months ended June 30, 2012. The amount and timing of any future dividends payable on our common stock is within the sole discretion of our Board of Directors.

We believe that existing cash and cash equivalents, cash flow from operations, and available borrowings under the Senior Secured Credit Facilities will be adequate to meet the capital expenditures, dividends and working capital requirements of our operations for at least the next 12 months.

The following table presents a summary of our cash flows provided by (used in) operating, investing, and financing activities for the periods indicated:

	For the Six Months Ended June 30,
	2013			2012
	(Unaudited, in thousands)
Net cash provided by operating activities	$	97,731		$	140,856
Net cash used in investing activities		(88,257	)		(115,603	)
Net cash provided by financing activities		38,787			5,834
Net increase in cash	$	48,261		$	31,087

Cash Flows from Operating Activities

Net cash provided by operating activities was $97.7 million during the six months ended June 30, 2013 as compared to $140.9 million during the six months ended June 30, 2012. The decrease in net cash provided by operating activities was impacted by the cash payment of $46.3 million for the 2009 Advisory Agreement termination fee in conjunction with our initial public offering during the six months ended June 30, 2013, offset by additional cash generated from theme park operations due to an increase in total revenue primarily related to higher admissions per capita resulting from ticket pricing increases and yield management strategies, such as reductions in promotional offers.

Cash Flows from Investing Activities

Investing activities consist principally of capital investments we make in our theme parks for future attractions and infrastructure. Net cash used in investing activities during the six months ended June 30, 2013 consisted of capital expenditures of $88.0 million largely related to future attractions. Net cash used in investing activities during the six months ended June 30, 2012 consisted of $115.6 million of capital expenditures largely related to a greater number of attractions opening in 2012 due to capital under-investments in previous years.

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The amount of our capital expenditures may be affected by general economic and financial conditions, among other things, including restrictions imposed by our borrowing arrangements. We generally expect to fund our 2013 capital expenditures through our operating cash flow.

Cash Flows from Financing Activities

Net cash provided by financing activities during the six months ended June 30, 2013 was primarily attributable to proceeds of $253.8 million from our initial public offering, net of underwriter commissions, offset by $182.2 million of repayments of debt which primarily included the redemption of $140.0 million of our Senior Notes and a repayment of $37.0 million of indebtedness under our Term Loan B. We also paid $15.4 million in a redemption premium for the Senior Notes, $14.0 million in debt issuance costs and $4.7 million in offering costs during the six months ended June 30, 2013.

Net cash provided by financing activities during the six months ended June 30, 2012 was primarily attributable to proceeds of $487.2 million from the term loan borrowings under the Senior Secured Credit Facilities. This was partially offset by dividends paid of $463.2 million, debt issuance costs paid of $7.0 million and $4.0 million of repayments on the revolving credit facility.

Our Indebtedness

The Company is a holding company and conducts its operations through its subsidiaries, which have incurred or guaranteed indebtedness as described below.

Senior Secured Credit Facilities

SeaWorld Parks and Entertainment, Inc. (“SEA”) is the borrower under our senior secured credit facilities (the “Senior Secured Credit Facilities”). The obligations under the Senior Secured Credit Facilities are fully, unconditionally and irrevocably guaranteed by each of the Company, any subsidiary of the Company that directly or indirectly owns 100% of the issued and outstanding equity interests of SEA, and, subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries (collectively, the “Guarantors”). The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests in (i) all the capital stock of, or other equity interests in, substantially all SEA’s direct or indirect domestic subsidiaries (other than a domestic subsidiary that is a subsidiary of a foreign subsidiary) and 65% of the capital stock of, or other equity interests in, any of SEA’s foreign subsidiaries and any of SEA’s domestic subsidiaries that are treated as disregarded entities for U.S. federal income tax purposes if substantially all the assets of such domestic subsidiary consist of equity interests of one or more “controlled foreign corporations” within the meaning of the Internal Revenue Code and (ii) certain tangible and intangible assets of SEA and those of the Guarantors (subject to certain exceptions and qualifications).

Our Senior Secured Credit Facilities as of June 30, 2013, consisted of:

• a $1,405.0 million senior secured term loan facility (the “Term B-2 Loans”), which will mature on the May 14, 2020.

• a $192.5 million senior secured revolving credit facility (the “Revolving Credit Facility”), which was not drawn upon at June 30, 2013. The Revolving Credit Facility will mature on the earlier of (a) April 24, 2018 or (b) the 91st day prior to the earlier of (1) the maturity date of Senior Notes (also referred to as “Mezzanine Debt”) with an aggregate principal amount greater than $50,000 outstanding and (2) the maturity date of any indebtedness incurred to refinance the Term B-2 Loans or the Mezzanine Debt, and includes borrowing capacity available for letters of credit and for short-term borrowings referred to as the swingline borrowings. As of June 30, 2013, we had approximately $18.5 million of outstanding letters of credit.

In addition, our Senior Secured Credit Facilities also provide us with the option to raise incremental credit facilities, refinance the loans with debt incurred outside our Senior Secured Credit Facilities and extend the maturity date of the revolving loans and term loans, subject to certain limitations.

The Senior Secured Credit Facilities requires SEA to prepay outstanding term loans, subject to certain exceptions, with (i) 50% of SEA’s annual “excess cash flow” (with step-downs to 25% and 0%, as applicable, based upon SEA’s total leverage ratio), subject to certain exceptions; (ii) 100% of the net cash proceeds of certain non-ordinary course asset sales or other dispositions, subject to reinvestment rights and certain exceptions; and (iii) 100% of the net cash proceeds of any incurrence of debt by SEA or any of its restricted subsidiaries, other than debt permitted to be incurred or issued under the Senior Secured Credit Facilities.

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In conjunction with our initial public offering in April 2013, we used $37.0 million of the net proceeds received by us from our initial public offering to repay a portion of the outstanding indebtedness under the then existing Term Loan B.

Amendments to the Senior Secured Credit Facilities

On March 30, 2012, April 5, 2013 and May 14, 2013, SEA entered into Amendments No. 3, 4 and 5, respectively, of the Senior Secured Credit Facilities.

Amendment No. 3 increased the amount of Term B Loans (“Additional Term B Loans”) by $500.0 million for the purposes of financing a dividend payment to the stockholders in the same amount during the three months ended March 31, 2012. The Additional Term B Loans were issued at a discount which was being amortized to interest expense using the weighted average interest method.

Amendment No. 4 amended the terms of the existing Senior Secured Credit Facilities to, among other things, permit SEA to pay certain distributions following an initial public offering and replaced the then existing $172.5 million senior secured revolving credit facility with a new $192.5 million senior secured revolving credit facility.

Amendment No. 5 amended the terms of the existing Senior Secured Credit Facilities to, among other things, refinance Term Loan A and Term Loan B into new Term B-2 Loans, extend the final maturity date of the term loan facilities, reduce future principal and interest payments, and provide for additional future borrowings.

The Term B-2 Loans were borrowed in an aggregate principal amount of $1,405.0 million. Borrowings under the Term B-2 Loans bear interest, at SEA’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the higher of (1) the Bank of America’s prime lending rate and (2) the federal funds effective rate plus 1/2 of 1% or (b) a LIBOR rate determined by reference to the British Bankers Association (“BBA”) LIBOR rate for the interest period relevant to such borrowing. The margin for the Term B-2 Loans is 1.25%, in the case of base rate loans, and 2.25%, in the case of LIBOR rate loans, subject to a base rate floor of 1.75% and a LIBOR floor of 0.75%. The applicable margin for the Term B-2 Loans (under either a base rate or LIBOR rate) is subject to one 25 basis point step-down upon achievement by SEA of a certain leverage ratio. At June 30, 2013, we selected the LIBOR rate (interest rate of 3.00% at June 30, 2013).

Term B-2 Loans will amortize in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term B-2 Loans on the Amendment No. 5 effective date, with the first payment being due on September 30, 2013 and the balance due on the final maturity date. The Term B-2 Loans will have a final maturity date of May 14, 2020. Amendment No. 5 also permits us to add one or more incremental term loan facilities to the Senior Secured Credit Facilities and/or increase commitments under the Revolving Credit Facility in an aggregate principal amount of up to $350.0 million. We may also incur additional incremental term loans provided that, among other things, on a pro forma basis after giving effect to the incurrence of such incremental term loans, the first lien secured net leverage ratio, as defined in the Senior Secured Credit Facility, is no greater than 3.50 to 1.00.

As a result of Amendment No. 5, approximately $11.5 million of debt issuance costs were written off and are included as loss on early extinguishment of debt and write-off of discounts and deferred financing costs on our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2013. As a result of Amendments No. 4 and 5, we capitalized fees totaling approximately $14.0 million which are amortized to interest expense using weighted average interest method.

On August 9, 2013, SEA entered into Amendment No. 6 of the Senior Secured Credit Facilities. Amendment No. 6 amends the calculation of the Company’s covenant EBITDA to allow the add back of the $46.3 million termination fee paid in connection with the termination of the advisory agreement between the Company and affiliates of Blackstone. See Note 9-Related-Party Transactions to our unaudited condensed consolidated financial statements therein for further discussion.

The Senior Notes

On December 1, 2009, SEA issued $400.0 million aggregate principal amount of 13.5% Senior Notes due 2016. On March 31, 2012, pursuant to an amendment to the indenture governing the Senior Notes, the interest rate was reduced from 13.5% to 11%. Interest on the Senior Notes is payable semi-annually in arrears. The obligations under the Senior Notes are guaranteed by the same entities as those that guarantee the Senior Secured Credit Facilities.

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The Senior Notes are senior unsecured obligations and:

• rank senior in right of payment to all existing and future debt and other obligations that are, by their terms, expressly subordinated in right of payment to the Senior Notes;

• rank equally in right of payment to all existing and future senior debt and other obligations that are not, by their terms, expressly subordinated in right of payment to the Senior Notes; and

• are effectively subordinated in right of payment to all existing and future secured debt (including obligations under the Senior Secured Credit Facilities), to the extent of the value of the assets securing such debt, and are structurally subordinated to all obligations of each of the subsidiaries that is not a guarantor of the Senior Notes.

We may redeem some or all of the Senior Notes at any time prior to December 1, 2014, at a price equal to 100% of the principal amount of the Senior Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date, subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date. The “Applicable Premium” is defined as the greater of (1) 1.0% of the principal amount of the Senior Notes and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Senior Notes at December 1, 2014 plus (ii) all required interest payments due on the Senior Notes through December 1, 2014 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal amount of the Senior Notes. On or after December 1, 2014, the Senior Notes may be redeemed at 105.5% and 102.75% of the principal balance beginning on December 1, 2014 and 2015, respectively. In addition, until December 1, 2014, we may redeem up to 35% of the aggregate principal amount of the Senior Notes at a redemption price equal to 111.0% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, subject to the right of holders of the Senior Notes of record on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds received from one or more equity offerings; provided that (i) at least 65% of the sum of the aggregate principal amount of the Senior Notes originally issued under the indenture remains outstanding immediately after the occurrence of each such redemption and (ii) each such redemption occurs within 90 days of the date of closing of each such equity offering.

In conjunction with the initial public offering in April 2013, SEA entered into the Fourth Supplemental Indenture to the indenture, dated April 5, 2013 (the “Fourth Supplemental Indenture”). Among other things, the Fourth Supplemental Indenture increased by $20.0 million the amount of debt that we can incur and have outstanding at one time under the Senior Secured Credit Facilities and amended the transactions with affiliates covenant to allow for the payment of a termination fee, not to exceed $50.0 million, in connection with the termination of the 2009 Advisory Agreement.

The Fourth Supplemental Indenture provides additional flexibility under the limitation on restricted payments covenant to permit, following an initial public offering, payments of dividends or other distributions in an amount not exceed the greater of (i) 6% per annum of the net proceeds received by, or contributed to, us and our restricted subsidiaries from the initial public offering and (ii) an aggregate amount per annum not to exceed:

• $90.0 million , so long as, after giving pro forma effect to such payment, the consolidated total leverage ratio shall be no greater than 5.00 to 1.00 and greater than 4.50 to 1.00;

• $120.0 million, so long as, after giving pro forma effect to such payment, the consolidated total leverage ratio shall be no greater than 4.50 to 1.00 and greater than 4.00 to 1.00;

• the greater of (a) $120.0 million and (b) 7.5% of “market capitalization”, so long as, after giving pro forma effect to such payment, the consolidated total leverage ratio shall be no greater than 4.00 to 1.00 and greater than 3.50 to 1.00; and

• an unlimited amount, so long as, after giving pro forma effect to such payment, the consolidated total leverage ratio shall be no greater than 3.50 to 1.00.

In conjunction with our initial public offering in April 2013, we used a portion of the net received by us from our initial public offering to redeem $140.0 million in aggregate principal amount on of our Senior Notes at a redemption price of 111.0% pursuant to a provision in the indenture governing the Senior Notes that permits us to redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings and to pay estimated premiums and accrued interest thereon. The redemption premium of $15.4 million along with a write-off of approximately $5.5 million in related discounts and deferred financing costs is included as loss on early extinguishment of debt and write-off of discounts and deferred financing costs on our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2013.

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As of June 30, 2013, we had $260.0 million aggregate principal amount in 11.0% Senior Notes due 2016 outstanding. Interest on the Senior Notes is payable semi-annually in arrears. The obligations under the Senior Notes are guaranteed by the same entities as those that guarantee the Senior Secured Credit Facilities.

See Note 6-Long-Term Debt to our unaudited condensed consolidated financial statements therein for further discussion regarding our Term B-2 Loans and Senior Notes.

Covenant Compliance

The Senior Secured Credit Facilities contain a number of significant affirmative and negative covenants. Such covenants, among other things, restrict, subject to certain exceptions, the ability of SEA and its restricted subsidiaries to:

• incur additional indebtedness, make guarantees and enter into hedging arrangements;

• create liens on assets;

• enter into sale and leaseback transactions;

• engage in mergers or consolidations;

• sell assets;

• make fundamental changes;

• pay dividends and distributions or repurchase SEA’s capital stock;

• make investments, loans and advances, including acquisitions;

• engage in certain transactions with affiliates;

• make changes in nature of the business; and

• make prepayments of junior debt.

The Senior Secured Credit Facilities also contain covenants that (i) require SEA to maintain a (A) maximum net total leverage ratio and (B) minimum interest coverage ratio, and (ii) impose maximum annual capital expenditures requirements.

The indenture governing the Senior Notes contains a number of covenants that, among other things, restrict SEA’s ability and the ability of its restricted subsidiaries to, among other things:

• dispose of certain assets;

• incur additional indebtedness;

• pay dividends;

• prepay subordinated indebtedness;

• incur liens;

• make capital expenditures;

• make investments or acquisitions;

• engage in mergers or consolidations; and

• engage in certain types of transactions with affiliates.

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These covenants are subject to a number of important limitations and exceptions.

The indenture governing the Senior Notes provides for certain events of default which, if any of them were to occur, would permit or require the principal of and accrued interest, if any, on the Senior Notes to become or be declared due and payable (subject, in some cases, to specified grace periods).

As of June 30, 2013, we were in compliance in all material respects with all covenants in the provisions contained in the documents governing our Senior Secured Credit Facilities and in the Indenture governing the Senior Notes.

Under the indenture governing the Senior Notes and under the credit agreement governing the Senior Secured Credit Facilities, our ability to engage in activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part, by our ability to satisfy tests based on Adjusted EBITDA.

The Senior Notes and the Senior Secured Credit Facilities generally define “Adjusted EBITDA” as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, as further adjusted to exclude certain unusual, non-cash, and other items permitted in calculating covenant compliance under the indenture governing the Senior Notes and the Senior Secured Credit Facilities.

We believe that the presentation of Adjusted EBITDA is appropriate to provide additional information to investors about the calculation of, and compliance with, certain financial covenants in the indenture governing the Senior Notes and in the Senior Secured Credit Facilities. Adjusted EBITDA is a material component of these covenants. In addition, investors, lenders, financial analysts and rating agencies have historically used EBITDA related measures in our industry, along with other measures, to evaluate a company’s ability to meet its debt service requirements, to estimate the value of a company and to make informed investment decisions. We also use Adjusted EBITDA in connection with certain components of our executive compensation program.

Adjusted EBITDA is not a recognized term under accounting principles generally accepted in the United States of America (“GAAP”), and should not be considered in isolation or as a substitute for a measure of our liquidity or performance prepared in accordance with GAAP and is not indicative of income from operations as determined under GAAP. Adjusted EBITDA and other non-GAAP financial measures have limitations which should be considered before using these measures to evaluate our liquidity or financial performance. Adjusted EBITDA, as presented by us, may not be comparable to similarly titled measures of other companies due to varying methods of calculation.

The following table reconciles Adjusted EBITDA to net (loss) income for the periods indicated:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2013			2012		2013			2012
	(Unaudited, in thousands)
Net (loss) income	$	(15,854	)	$	39,120	$	(56,214	)	$	(6,014	)
(Benefit from) provision for income taxes		(8,414	)		25,790		(32,460	)		(4,024	)
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs (a)		32,429			—		32,429			—
Interest expense		22,926			28,909		51,532			56,718
Depreciation and amortization		40,424			41,439		81,832			77,348
Termination of advisory agreement (b)		50,072			—		50,072			—
Advisory fees (c)		1,874			1,999		2,799			2,811
Equity-based compensation expense (d)		1,902			774		2,222			1,041
Debt refinancing costs (e)		781			—		781			1,000
Other adjusting items (f)		732			—		843			—
Other non-cash expenses (g)		88			2,322		4,235			5,292
Adjusted EBITDA	$	126,960		$	140,353	$	138,071		$	134,172

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(a) Reflects a $15.4 million premium paid for the early redemption of $140.0 million of the Company’s Senior Notes using net proceeds from the Company’s initial public offering in April 2013, along with a write-off of approximately $5.5 million in related discounts and deferred financing costs and a write-off of approximately $11.5 million of certain capitalized debt issuance costs in connection with Amendment No. 5 to our Senior Secured Credit Facilities.

(b) Reflects a one-time fee of $46.3 million paid by the Company to an affiliate of Blackstone in connection with the termination of the 2009 Advisory Agreement, and a related write-off of prepaid advisory fees of $3.8 million.

(c) Reflects fees paid to an affiliate of Blackstone under the 2009 Advisory Agreement. The 2009 Advisory Agreement was terminated on April 24, 2013 in connection with the Company’s initial public offering.

(d) Reflects non-cash compensation expense associated with the grants of equity compensation.

(e) Reflects costs which were expensed related to the April and May 2013 amendments and the March 2012 amendment to the Senior Secured Credit Facilities.

(f) Reflects certain acquisition and pre-opening costs related to Aquatica San Diego.

(g) Reflects non-cash expenses related to miscellaneous asset write-offs and non-cash gains/losses on foreign currencies.

Contractual Obligations

There have been no material changes to our contractual obligations from those previously disclosed in our prospectus dated as of, and filed with the SEC on April 18, 2013, other than the long-term debt and interest obligations. As a result of the changes due to Amendment No. 5 to our Senior Secured Credit Facilities, our long-term debt obligations at June 30, 2013 (in thousands), not including any possible prepayments are as follows for the less than one year, 1-3 year, 3-5 year and more than 5 year periods, respectively: $14,050; $14,050; $274,050; and $1,362,850. Our estimated future interest payments for our Senior Secured Credit Facilities and Senior Notes based on interest rates in effect at June 30, 2013 are as follows for the less than one year, 1-3 year, 3-5 year and more than 5 year periods, respectively: $71,350; $132,330; $71,594; and $38,897. Interest obligations also include letter of credit and commitment fees for the used and unused portions of our Revolving Credit Facility. See Note 6-Long-Term Debt to our unaudited condensed consolidated financial statements therein for further discussion.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, revenues and expenses, and disclosure of contingencies during the reporting period. Significant estimates and assumptions include the valuation and useful lives of long-lived tangible and intangible assets, the valuation of goodwill and other indefinite-lived intangible assets, the accounting for income taxes, the accounting for self-insurance, revenue recognition and equity-based compensation. Actual results could differ from those estimates. The critical accounting estimates associated with these policies are described in our prospectus under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. These critical accounting policies include property and equipment, impairment of long-lived assets, goodwill and other indefinite-lived intangible assets, accounting for income taxes, self-insurance reserves, and revenue recognition. There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our prospectus.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements as of June 30, 2013.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Inflation

The impact of inflation has affected, and will continue to affect, our operations significantly. Our costs of food, merchandise and other revenues are influenced by inflation and fluctuations in global commodity prices. In addition, costs for construction, repairs and maintenance are all subject to inflationary pressures.

Interest Rate Risk

We are exposed to market risks from fluctuations in interest rates, and to a lesser extent on currency exchange rates, from time to time, on imported rides and equipment. The objective of our financial risk management is to reduce the potential negative impact of interest rate and foreign currency exchange rate fluctuations to acceptable levels. We do not acquire market risk sensitive instruments for trading purposes.

We manage interest rate risk through the use of a combination of fixed-rate long-term debt and interest rate swaps that fix a portion of our variable-rate long-term debt.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next 12 months, our estimate is that an additional $1.6 million will be reclassified as an increase to interest expense.

After considering the impact of interest rate swap agreements, at June 30, 2013, approximately $810.0 million of our outstanding long-term debt represents fixed-rate debt and approximately $855.0 million represents variable-rate debt. Assuming an average balance on our revolving credit borrowings of approximately $40.0 million, a hypothetical 100 bps increase in 30-day LIBOR on our variable-rate debt would lead to an increase of approximately $4.8 million in annual cash interest costs due to the impact of our fixed-rate swap agreements.

Recently Issued Financial Accounting Standards

In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amends ASC 220, Comprehensive Income. The amended guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amended guidance does not change the current requirements for reporting net income or other comprehensive income. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a significant impact on the Company’s condensed consolidated financial statements.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), require public companies, including us, to maintain “disclosure controls and procedures,” which are defined in Rule 13a-15(e) and Rule 15d-15(e) to mean a company’s controls and other procedures that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required or necessary disclosures. In designing and evaluating our disclosure controls and procedures, management recognizes that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. Our principal executive officer and principal financial officer have concluded,

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based on the evaluation of the effectiveness of the disclosure controls and procedures by our management as of the end of the fiscal quarter covered by this Quarterly Report, that our disclosure controls and procedures were effective to accomplish their objectives at a reasonable assurance level.

Changes in Internal Control over Financial Reporting

Regulations under the Exchange Act require public companies, including our Company, to evaluate any change in our “internal control over financial reporting” as such term is defined in Rule 13a-15(f) and Rule 15d-15(f) of the Exchange Act. There have been no changes in our internal control over financial reporting during the fiscal quarter covered by this Quarterly Report that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to various allegations, claims and legal actions arising in the ordinary course of business.

While it is impossible to determine with certainty the ultimate outcome of any of these proceedings, lawsuits and claims, management believes that adequate provisions have been made and insurance secured for all currently pending proceedings so that the ultimate outcomes will not have a material adverse effect on our financial position.

Item 1A. Risk Factors

There have been no material changes to our principal risks that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in our prospectus dated as of, and filed with the SEC on April 18, 2013, which is accessible on the SEC’s website at www.sec.gov.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended June 30, 2013, the Company issued an aggregate of 41,333 shares of its common stock to the Partnerships in connection with its long-term incentive compensation program. The Company did not receive any proceeds related to these transactions. Such securities were issued in reliance on the exemption contained in Section 4(2) of the Securities Act as transactions by the issuer not involving a public offering. No underwriters were involved in any of these transactions.

On April 24, 2013, the Company completed an initial public offering of its common stock in which it issued and sold 10,000,000 shares of common stock and the selling shareholders of the Company offered and sold 19,900,000 shares of common stock, including 3,900,000 shares of common stock pursuant to the exercise in full of the underwriters’ over-allotment option. The shares sold in the offering were registered under the Securities Act pursuant to the Company’s Registration Statement on Form S-1 (Registration No. 333-185697) , which was declared effective by the SEC on April 18, 2013. The common stock is listed on the New York Stock Exchange under the symbol “SEAS”. The Company’s shares of common stock were sold at an initial offering price of $27.00 per share, which generated net proceeds of approximately $245.4 million to the Company, after deducting $24.6 million in underwriting discounts, expenses and transaction costs. The Company did not receive any proceeds from shares sold by the selling shareholders. The Company used a portion of the net proceeds received in the offering to redeem $140.0 million in aggregate principal amount of its Senior Notes at a redemption price of 111% of principal amount thereof, plus accrued and unpaid interest thereon. Approximately $46.3 million of the net proceeds received from the offering were used to make a one-time payment to an affiliate of Blackstone in connection with the termination of a management advisory agreement. Approximately $37.0 million of the net proceeds received from the offering were used to pay a portion of the outstanding indebtedness under the Company’s Senior Secured Term Loan B facility. The remainder of the proceeds was used for other general corporate purposes.

Goldman, Sachs & Co. and J.P. Morgan acted as joint bookrunning managers and as representatives of the underwriters in the offering. Citigroup, BofA Merrill Lynch, Barclays and Wells Fargo Securities were also bookrunners in the offering. Blackstone Capital Markets, Lazard Capital Markets, Macquarie Capital, KeyBanc Capital Markets, Nomura, Drexel Hamilton, LLC and Ramirez & Co. Inc. acted as co-managers in the offering.

Item 3. Defaults Upon Senior Securities

Not applicable

35

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, the Company hereby incorporates by reference herein Exhibit 99.1 of this report, which includes disclosures publicly filed and/or provided to Blackstone, an affiliate of our major shareholders, by Hilton Worldwide, Inc. and Travelport Limited which may be considered the Company’s affiliates.

Item 6. Exhibits

See Exhibit Index immediately following signature page hereto, which is incorporated herein by reference.

36

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SEAWORLD ENTERTAINMENT, INC. (Registrant)
Date: August 14, 2013	By:	/s/ James M. Heaney
		James M. Heaney
		Chief Financial Officer
		(Principal Financial Officer)

Date: August 14, 2013	By:	/s/ Marc Swanson
		Marc Swanson
		Chief Accounting Officer
		(Principal Accounting Officer)

37

EXHIBIT INDEX

The following is a list of all exhibits filed or furnished as part of this report:

Exhibit No.	Description
3.1	Amended and Restated Certificate of Incorporation of SeaWorld Entertainment, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on April 24, 2013)
3.2	Amended and Restated Bylaws of SeaWorld Entertainment, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on April 24, 2013)
4.1	Stockholders Agreement, dated as of April 24, 2013, among SeaWorld Entertainment, Inc. and the other parties thereto (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on April 24, 2013)
10.1†	Form of Restricted Stock Grant and Acknowledgement (incorporated by reference to Exhibit 10.15 to the Registrant’s Registration Statement on Form S-1 (No. 333-185697))
10.2†	2013 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.31 to the Registrant’s Registration Statement on Form S-1 (No. 333-185697))
10.3†	Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.40 to the Registrant’s Registration Statement on Form S-1 (No. 333-185697))
10.4	Amendment No. 4, dated as of April 5, 2013, to the Credit Agreement, among SeaWorld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.), the guarantors party thereto from time to time, Bank of America, N.A., as administrative agent, collateral agent, letter of credit issuer and swing line lender, Bank of America, N.A., as lead arranger and bookrunner, and the other agents and lenders from time to time party thereto (the amended and restated Credit Agreement is included as Exhibit A hereto) (incorporated by reference to Exhibit 10.41 to the Registrant’s Registration Statement on Form S-1 (No. 333-185697))
10.5	Fourth Supplemental Indenture, dated as of April 12, 2013, among SeaWorld Parks & Entertainment, Inc. (f/k/a SW Acquisition Co., Inc.), the guarantors named therein and Wilmington Trust, National Association (as successor by merger to Wilmington Trust FSB), as trustee (incorporated by reference to Exhibit 10.42 to the Registrant’s Registration Statement on Form S-1 (No. 333-185697))
10.6	Amendment No. 5, dated as of May 14, 2013, to the Credit Agreement, among SeaWorld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.), the guarantors party thereto from time to time, Bank of America, N.A., as administrative agent, collateral agent, L/C issuer and swing line lender, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A., as joint lead arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital, Deutsche Bank Securities Inc., Goldman Sachs Lending Partners LLC, J.P. Morgan Securities LLC, Macquarie Capital (USA) Inc. and Mizuho Corporate Banks, Ltd. as joint bookrunners, Deutsche Bank Securities Inc. and Barclays Bank plc, as co-syndication agents, and the other agents and lenders from time to time party thereto (the amended Credit Agreement is included as Exhibit A hereto) (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 23, 2013)
10.7	Amendment No. 6, dated as of August 9, 2013, to the Credit Agreement, among SeaWorld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.), the guarantors party thereto from time to time, Bank of America, N.A., as administrative agent, collateral agent, L/C issuer and swing line lender, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A., as joint lead arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital, Deutsche Bank Securities Inc., Goldman Sachs Lending Partners LLC, J.P. Morgan Securities LLC, Macquarie Capital (USA) Inc. and Mizuho Corporate Banks, Ltd. as joint bookrunners, Deutsche Bank Securities Inc. and Barclays Bank plc, as co-syndication agents, and the other agents and lenders from time to time party thereto
31.1	Certification of Periodic Report by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Periodic Report by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.1	Section 13(r) Disclosure
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.

† Identifies exhibits that consist of a management contract or compensatory plan or arrangement.

* XBRL (Extensible Business Reporting Language) information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

38

EX-10.7

Exhibit 10.7

AMENDMENT No. 6, dated as of August 9, 2013 (this “Amendment”), to the Credit Agreement, dated as of December 1, 2009, among SEAWORLD PARKS & ENTERTAINMENT, INC. (f/k/a SW ACQUISITIONS CO., INC.), a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Credit Agreement (the “Lenders”), BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”) and Collateral Agent (the “Collateral Agent”), BANK OF AMERICA, N.A., as L/C Issuer and Swing Line Lender, DEUTSCHE BANK SECURITIES INC. and BARCLAYS BANK PLC, as co-syndication agents (collectively, in such capacity, and together with their successors, the “Syndication Agents”), MIZUHO CORPORATE BANK, LTD., as documentation agent (the “Documentation Agent”), MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and DEUTSCHE BANK SECURITIES INC., as Joint LEAD ARRANGERS AND MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, BARCLAYS CAPITAL and DEUTSCHE BANK SECURITIES INC., as Joint Bookrunners (as amended by Amendment No. 1, dated as of February 17, 2011, as further amended by Amendment No. 2, dated as of April 15, 2011, as further amended by Amendment No. 3, dated as of March 30, 2012, as further amended by Amendment No. 4, dated as of April 24, 2013, as further amended by Amendment No. 5, effective as of May 14, 2013, and as further amended, restated, modified and supplemented from time to time, the “Credit Agreement”); capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

WHEREAS, the Borrower desires to amend the Credit Agreement on the terms set forth herein;

WHEREAS, Section 10.01 of the Credit Agreement provides that the relevant Loan Parties and the Required Lenders may amend the Credit Agreement and the other Loan Documents for certain purposes;

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

Section 1. Amendment. Subject to and upon the satisfaction of the conditions set forth in Section 3 hereof on the Amendment No. 6 Effective Date (as defined below), the Credit Agreement is hereby amended as follows:

(a) Clause (vi) of the definition of “Consolidated EBITDA” in Section 1.01 shall be amended and restated in its entirety as follows:

the amount of management, monitoring, consulting and advisory fees and related expenses paid or accrued to the Investors or their Affiliates (or management companies) under the Investor Management Agreement, including any termination fee in respect of such Investor Management Agreement,

Section 2. Representations and Warranties, No Default. The Borrower hereby represents and warrants that as of the Amendment No. 6 Effective Date, after giving effect to this Amendment, (i) no Default or Event of Default exists and is continuing and (ii) all representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date hereof, as though made on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date (provided that representations and warranties that are qualified by materiality are true and correct (after giving effect to any qualification thereof) in all respects on and as of the date hereof).

Section 3. Effectiveness. This Amendment shall become effective on the date (such date, if any, the “Amendment No. 6 Effective Date”) on which each of the following conditions have been satisfied:

(i) Consents. The Administrative Agent shall have received executed signature pages hereto from Lenders constituting the Required Lenders (each such Lender a “Consenting Lender”) and each Loan Party;

(ii) Fees. The Administrative Agent shall have received all expenses for which reasonably detailed invoices have been presented (including the reasonable fees and expenses of a single legal counsel), on or before the Amendment No. 6 Effective Date;

(iii) Officer’s Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower dated the Amendment No. 6 Effective Date certifying that that (a) all representations and warranties shall be true and correct in all material respects on and as of the Amendment No. 6 Effective Date (although any representations and warranties (i) which expressly relate to a given date or period shall be required to be true and correct in all material respects as of the respective date or for the respective period, as the case may be and (ii) that are qualified by materiality are true and correct (after giving effect to any qualification thereof) in all respects on and as of the date hereof), before and after giving effect to the borrowing and to the application of the proceeds therefrom, as though made on and as of such date and (b) no Event of Default or event which with the giving of notice or lapse of time or both would be an Event of Default, shall have occurred and be continuing.

Section 4. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

Section 5. Applicable Law.

(a) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY, AND BY EXECUTION AND DELIVERY OF THIS AMENDMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN

-2-

RESPECT OF THIS AMENDMENT OR ANY OTHER DOCUMENT RELATED HERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER) IN SECTION 10.02 OF THE CREDIT AGREEMENT. NOTHING IN THIS AMENDMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

Section 6. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

Section 7. Effect of Amendment. Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, any other Agent or the Issuing Lenders, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan Document. Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect. Each Loan Party reaffirms its obligations under the Loan Documents to which it is party and the validity of the Liens granted by it pursuant to the Security Documents. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Amendment No. 6 Effective Date, all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement,” “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as amended by this Amendment. Each of the Loan Parties hereby consents to this Amendment and confirms that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Credit Agreement as amended hereby.

Section 8. WAIVER OF RIGHT TO TRIAL BY JURY.

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 8 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

-3-

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

SEAWORLD PARKS & ENTERTAINMENT, INC.
By:	/s/ James M. Heaney
	Name: James M. Heaney
	Title: Chief Financial Officer

SEAWORLD ENTERTAINMENT, INC.
By:	/s/ James M. Heaney
	Name: James M. Heaney
	Title: Chief Financial Officer

SEAWORLD PARKS & ENTERTAINMENT LLC SEA WORLD OF TEXAS LLC SEA WORLD LLC SEAWORLD PARKS & ENTERTAINMENT     INTERNATIONAL, INC. LANGHORNE FOOD SERVICES LLC SEA WORLD OF FLORIDA LLC
By:	/s/ James M. Heaney
	Name: James M. Heaney
	Title: Chief Financial Officer

[Signature Page to SP&E Amendment No. 6]

SEAWORLD OF TEXAS HOLDINGS, LLC SEAWORLD OF TEXAS MANAGEMENT, LLC SEAWORLD OF TEXAS BEVERAGE, LLC
By:	/s/ Daniel J. Decker
	Name: Daniel J. Decker Title: Manager

By:	/s/ Daniel J. Decker
	Name: Daniel J. Decker Title: Manager

By:	/s/ Daniel J. Decker
	Name: Daniel J. Decker Title: Manager

[Signature Page to SP&E Amendment No. 6]

BANK OF AMERICA, N.A., as Administrative Agent and a Consenting Lender
By:	/s/ Joseph L. Corah
	Name: Joseph L. Corah
	Title: Director

[Signature Page to SP&E Amendment No. 6]

BANK OF AMERICA, N.A., as a Consenting Lender
By:	/s/ Joseph L. Corah
	Name: Joseph L. Corah
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ASFI LOAN FUNDING LLC as a Consenting Lender
By:	Citibank N.A.
By:	/s/ Paul Plank
	Name: Paul Plank
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AZB FUNDING 2,       as a Consenting Lender
By:	/s/ Masaki Onuma
	Name: Masaki Onuma
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ALM X, LTD., as a Consenting Lender
By:	Apollo Credit Management (CL), LLC, as its collateral manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

APOLLO AF LOAN TRUST 2012, as Consenting Lender
By:	Apollo Credit Management (Senior Loans) II, LLC, as Portfolio Manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

APOLLO CREDIT FUNDING I LTD., as Consenting Lender
By:	Apollo Fund Management LLC, as its Collateral Manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

APOLLO SK STRATEGIC INVESTMENTS, L.P., as a Consenting Lender
By:	Apollo SK Strategic Advisors, L.P., its general partner
By:	Apollo SK Strategic Advisors, LLC, its general partner
By:	/s/ Joseph Glatt
	Name: Joseph Glatt
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

FALCON SENIOR LOAN FUND LTD., as a Consenting Lender
By:	Apollo Fund Management LLC As Its Investment Manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GULF STREAM – RASHINBAN CLO 2006-I, LTD., as a Consenting Lender
By:	Gulf Stream Asset Management LLC, As Collateral Manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

	LEVERAGESOURCE V S.A.R.L, as a Consenting Lender
	By:	/s/ Joe Moroney
		Name: Joe Moroney
		Title: Class A Manager
For any institution requiring	By:	/s/ Laurent Ricci
a second signatory:		Name: Laurent Ricci
		Title: Class B Manager

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

RAMPART CLO 2006-1 LTD., as a Consenting Lender
By:	Apollo Debt Advisors LLC, as its Collateral Manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

RAMPART CLO 2007 LTD., as a Consenting Lender
By:	Apollo Debt Advisors LLC, as its Collateral Manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

STONE TOWER CLO V LTD., as a Consenting Lender
By:	Apollo Debt Advisors LLC, As its Collateral Manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

STONE TOWER LOAN TRUST 2010, as a Consenting Lender
By:	Apollo Fund Management LLC, As its Investment Manager
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

STONE TOWER LOAN TRUST 2011, as a Consenting Lender
By:	Apollo Fund Management LLC, As its Investment Advisor
By:	/s/ Joe Moroney
	Name: Joe Moroney
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

TETON FUNDING, LLC, as a Consenting Lender
By:	Sun Trust Bank, its Manager
By:	/s/ Douglas Weltz
	Name: Douglas Weltz
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES ENHANCED LOAN INVESTMENT STRATEGY III, LTD, as a Consenting Lender
By:	ARES ENHANCED LOAN INVESTMENT STRATEGY III, L.P., ITS PORTFOLIO MANAGER
By:	ARES ENHANCED LOAN III GP, LLC, ITS GENERAL PARTNER
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES ENHANCED LOAN INVESTMENT STRATEGY IR, LTD, as a Consenting Lender
By:	ARES ENHANCED LOAN INVESTMENT STRATEGY IR L.P., as Portfolio Manager
By:	ARES ENHANCED LOAN IR GP. LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES ENHANCED LOAN INVESTMENT STRATEGY IX, L.P., as a Consenting Lender
By:	AELIS IX MANAGEMENT, LLC, its General Manager
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES IIIR/IVR CLO LTD, as a Consenting Lender
By:	ARES CLO MANAGEMENT IIR/IVR, L.P., its Asset Manager
By:	ARES CLO GP IIIR/IVR, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES INSTITUTIONAL LOAN FUND B.V., as a Consenting Lender
By:	ARES MANAGEMENT LIMITED, as Manager
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES LOAN TRUST 2011, as a Consenting Lender
By:	ARES MANAGEMENT LLC, its Investment Manager
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES NF CLO XIV LTD., as a Consenting Lender
By:	ARES NF CLO XIV MANAGEMENT, L.P., its Collateral Manager
By:	ARES NF CLO XIV MANAGEMENT LLC, its General Partners
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES SPC HOLDINGS, L.P., as a Consenting Lender
By:	ARES SPC HOLDINGS GP LLC, General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES XI CLO LTD., as a Consenting Lender
By:	ARES CLO MANAGEMENT XI, L.P., its Asset Manager
By:	ARES CLO GP XI, LLC, its General Manager
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES XII CLO LTD., as a Consenting Lender
By:	ARES CLO MANAGEMENT XII, L.P., its Asset Manager
By:	ARES CLO GP XII, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES XVI CLO LTD., as a Consenting Lender
By:	ARES CLO MANAGEMENT XVI, L.P., its Asset Manager
By:	ARES CLO GP XVI, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES XXIII CLO LTD., as a Consenting Lender
By:	ARES CLO MANAGEMENT XXIII, L.P., its Asset Manager
By:	ARES CLO GP XXIII, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES XXIV CLO LTD., as a Consenting Lender
By:	ARES CLO MANAGEMENT XXIV, L.P., its Asset Manager
By:	ARES CLO GP XXIV, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES XXV CLO LTD., as a Consenting Lender
By:	ARES CLO MANAGEMENT XXV, L.P., its Asset Manager
By:	ARES CLO GP XXV, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES XXVI CLO LTD., as a Consenting Lender
By:	ARES CLO MANAGEMENT XXVI, L.P., its Collateral Manager
By:	ARES CLO GP XXVI, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARES XXVII CLO LTD., as a Consenting Lender
By:	ARES CLO MANAGEMENT XXVII, L.P., its Asset Manager
By:	ARES CLO GP XXVII, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AVIVA STAFF PENSION SCHEME, as a Consenting Lender
By:	ARES MANAGEMENT LIMITED, its Manager
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

COMMUNITY INSURANCE COMPANY, as a Consenting Lender
By:	ARES WLP MANAGEMENT, L.P., its Investment Manager
By:	ARES WLP MANAGEMENT GP, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GLOBAL LOAN OPPORTUNITY FUND B.V., as a Consenting Lender
By:	ARES MANAGEMENT LIMITED, its Portfolio Manager
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ONTARIO PUBLIC SERVICE EMPLOYEES UNION PENSION PLAN TRUST FUND, as a Consenting Lender
By:	AELIS X MANAGEMENT, L.P., its Investment Counsel
By:	AELIS X MANAGEMENT GP, LLC, its General Partner
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

PPF NOMINEE 1 B.V., as a Consenting Lender
By:	ARES MANAGEMENT LIMITED, its Portfolio Manager
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SEI INSTITUTIONAL INVESTMENTS TRUST – OPPORTUNISTIC INCOME FUND, as a Consenting Lender
By:	ARES MANAGEMENT LLC, as Portfolio Manager
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SEI INSTITUTIONAL MANAGED TRUST ENHANCED INCOME FUND, as a Consenting Lender
By:	ARES MANAGEMENT LLC, as Sub-Adivosr
By:	/s/ John Eanes
	Name: John Eanes
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AMBITION TRUST 2009, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AMBITION TRUST 2011, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARROWOOD INDEMNITY COMPANY, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Adviser
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARROWOOD INDEMNITY COMPANY AS ADMINISTRATOR FO THE PENSION PLAN OF ARROWOOD INDEMNITY COMPANY,         as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Adviser
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BROWN BROTHERS HARRIMAN TRUST COMPANY (CAYMAN) LIMITED, acting solely in its capacity as Trustee of BABSON CAPITAL BANK LOAN FUND, a series trust of the Multi Manager Global Investment Trust,         as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Manager and Attorney-in-fact
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director
The foregoing is executed on behalf of the Babson Capital Bank Loan Fund, organized under a Supplemental Declaration of Trust dated as of June 10, 2013, as amended from time to time. The obligations of such Trust are not personally binding upon, nor shall resort be had to the property of the Trustee. The total liability of the Trustee shall be limited to the amount of the trust property.

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BABSON CLO LTD. 2006-II, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Collateral Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BABSON CLO LTD. 2007-I, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Collateral Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BABSON CLO LTD. 2011-I, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Collateral Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BABSON CLO LTD. 2012-I, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Collateral Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BABSON CLO LTD. 2013-I, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Collateral Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BABSON MID-MARKET CLO LTD. 2007-II, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Collateral Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

C.M. LIFE INSURANCE COMPANY, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Adviser
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Adviser
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SAPPHIRE VALLEY CDO I. LTD., as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ST. JAMES RIVER CLO, LTD., as a Consenting Lender
By:	BABSON CAPITAL MANAGEMENT LLC, as Investment Manager
By:	/s/ Meredith F. Lynch
	Name: Meredith F. Lynch
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BANK OF AMERICA, N.A., as a Consenting Lender
By:	/s/ Joseph L. Corah
	Name: Joseph L. Corah
	Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BANK OF THE CASCADES, as a Consenting Lender
By:	/s/ Dan Lee
	Name: Dan Lee
	Title: EVP, Chief Credit Officer

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BARCLAYS BANK PLC, as a Consenting Lender
By:	/s/ Irina Dimova
	Name: Irina Dimova
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BLACK DIAMOND CLO 2012-1 LTD., as a Consenting Lender
By:	BLACK DIAMOND CLO 2012-1 ADVISER, L.L.C., as its Portfolio Manager
By:	/s/ Stephen H. Deckoff
	Name: Stephen H. Deckoff
	Title: Managing Principal

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AETNA HEALTH INC., as a Consenting Lender
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC, its Investment Manager
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AETNA HEALTH MANAGEMENT, LLC, as a Consenting Lender
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC, its Investment Manager
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AETNA LIFE INSURANCE COMPANY, as a Consenting Lender
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC, its Investment Manager
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BLACKROCK SENIOR INCOME SERIES IV , as a Consenting Lender
By:	BLACKROCK FINANCIAL MANAGEMENT, INC.,
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BLACKROCK SENIOR INCOME SERIES V LIMITED, as a Consenting Lender
By:	BLACKROCK FINANCIAL MANAGEMENT, INC., its Collateral Manager
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

HOUSTON CASUALTY COMPANY, as a Consenting Lender
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC, its Investment Manger
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SCOR GLOBAL LIFE AMERICAS REINSURANCE COMPANY, as a Consenting Lender
By:	BLACKROCK FINANCIAL MANAGEMENT, INC., its Investment Manger
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SCOR REINSURANCE COMPANY, as a Consenting Lender
By:	BLACKROCK FINANCIAL MANAGEMENT, INC., its Investment Manger
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

U.S. SPECIALTY INSURANCE COMPANY, as a Consenting Lender
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC, its Investment Manger
By:	/s/ Dale Fieffe
	Name: Dale Fieffe
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BLUEMOUNTAIN CLO 2012-2 LTD., as a Consenting Lender
By:	BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC, its Collateral Manager
By:	/s/ David Finn
	Name: David Finn
	Title: Operations Analyst

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BLUEMOUNTAIN CLO 2013-2 LTD., as a Consenting Lender
By:	BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC, its Collateral Manager
By:	/s/ David Finn
	Name: David Finn
	Title: Operations Analyst

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BATTALION CLO III LTD., as a Consenting Lender
By:	BRIGADE CAPITAL MANAGEMENT LLC, as Collateral Manager
By:	/s/ Peter Park
	Name: Peter Park
	Title: Associate

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CALLIDUS DEBT PARTNERS CLO FUND VI, LTD.,       as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manger
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CALLIDUS DEBT PARTNERS CLO FUND VII, LTD., as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manger
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CARLYLE HIGH YIELD PARTNERS IX, LTD., as a Consenting Lender
By:	/s/ Linda Pace
	Name: Linda Pace
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CARLYLE HIGH YIELD PARTNERS VIII, LTD., as a Consenting Lender
By:	/s/ Linda Pace
	Name: Linda Pace
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CARLYLE HIGH YIELD PARTNERS X, LTD., as a Consenting Lender
By:	/s/ Linda Pace
	Name: Linda Pace
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CARLYLE McLAREN CLO, LTD.         as a Consenting Lender
By:	/s/ Linda Pace
	Name: Linda Pace
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CITIBANK, N.A.,         as a Consenting Lender
By:	/s/ Keith Lukasavich
	Name: Keith Lukasavich
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CITY NATIONAL BANK OF FLORIDA,         as a Consenting Lender
By:	/s/ Tyler P. Kurau
	Name: Tyler P. Kurau
	Title: Regional Executive

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CENT CDO 12 LIMITED,         as a Consenting Lender
By:	COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC, as Collateral Manager
By:	/s/ Donna D. Emmett
	Name: Donna D. Emmett
	Title: Assistant Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CENT CDO 14 LIMITED,         as a Consenting Lender
By:	COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC, as Collateral Manager
By:	/s/ Donna D. Emmett
	Name: Donna D. Emmett
	Title: Assistant Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CENT CDO 15 LIMITED,         as a Consenting Lender
By:	COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC, as Collateral Manager
By:	/s/ Donna D. Emmett
	Name: Donna D. Emmett
	Title: Assistant Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CENT CDO 17 LIMITED,         as a Consenting Lender
By:	COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC, as Collateral Manager
By:	/s/ Donna D. Emmett
	Name: Donna D. Emmett
	Title: Assistant Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CENTURION CDO 9 LIMITED,         as a Consenting Lender
By:	COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC, as Collateral Manager
By:	/s/ Donna D. Emmett
	Name: Donna D. Emmett
	Title: Assistant Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

	CREDIT INDUSTRIEL ET COMMERCIAL,         as a Consenting Lender
	By:	/s/ Marcus Edward
		Name: Marcus Edward
		Title: Managing Director
For any institution requiring a second signatory:	By:	/s/ Brian O’Leary
		Name: Brian O’Leary
		Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AUSTRALIANSUPER,         as a Consenting Lender
By:	Credit Suisse Asset Management, LLC, as sub-advisor to Bentham Asset Management Pty Ltd. In its capacity as agent of and investment, Manager for AustralianSuper Pty Ltd. In its capacity as trustee of AustralianSuper
By:	/s/ Thomas Flannery
	Name: Thomas Flannery
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

THE CITY OF NEW YORK GROUP TRUST,         as a Consenting Lender
By:	Credit Suisse Asset Management, LLC, as its Manager
By:	/s/ Thomas Flannery
	Name: Thomas Flannery
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CREDIT SUISSE LOAN FUNDING LLC,         as a Consenting Lender
By:	/s/ Robert Healey
	Name: Robert Healey
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CREDIT SUISSE NOVA (LUX),         as a Consenting Lender
By:	Credit Suisse Asset management, LLC or Credit Suisse Asset Management Limited, each as Co-Investment Adviser to Credit Suisse Fund Management S.A., management company for Credit Suisse Nova (Lux)
By:	/s/ Thomas Flannery
	Name: Thomas Flannery
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

IHC HEALTH SERVICES, INC.,         as a Consenting Lender
By:	CREDIT SUISSE ASSET MANAGEMENT, LLC, as Investment Manager
By:	/s/ Thomas Flannery
	Name: Thomas Flannery
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

IHC PENSION PLAN DIRECTED TRUST,         as a Consenting Lender
By:	CREDIT SUISSE ASSET MANAGEMENT, LLC, as Investment Manager
By:	/s/ Thomas Flannery
	Name: Thomas Flannery
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EAST WEST BANK,         as a Consenting Lender
By:	/s/ Martin Kim
	Name: Martin Kim
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AGF FLOATING RATE INCOME FUND,         as a Consenting Lender
By:	Eaton Vance Management as Portfolio Manager
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

COLUMBIA FUNDS VARIABLE SERIES TRUST II – VARIABLE PORTFOLIO – EATON VANCE FLOATING-RATE INCOME FUND, as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Sub-Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE CDO VII PLC,         as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Interim Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE CDO VIII, LTD.,         as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE CDO X PLC,         as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE FLOATING-RATE INCOME TRUST,         as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE INSTITUTIONAL SENIOR LOAN FUND         as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE INTERNATIONAL (CAYMAN ISLANDS) FLOATING-RATE INCOME PORTFOLIO,     as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE LIMITED DURATION INCOME FUND,         as a Consenting Lender
By: EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE SENIOR FLOATING-RATE TRUST,         as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE SENIOR INCOME TRUST,         as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE SHORT DURATION DIVERSIFIED INCOME FUND,         as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

EATON VANCE VT FLOATING-RATE INCOME FUND, as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

INNOVATION TRUST 2009, as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

INNOVATION TRUST 2011, as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

MET INVESTORS SERIES TRUST – MET/EATON VANCE FLOATING RATE PORTFOLIO, as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Sub-Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

PACIFIC SELECT FUND FLOATING RATE LOAN PORTFOLIO as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Sub-Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

PACIFIC SELECT FUND FLOATING RATE LOAN PORTFOLIO, as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Sub-Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

PACIFIC LIFE FUNDS-PL FLOATING RATE LOAN FUND, as a Consenting Lender
By:	EATON VANCE MANAGEMENT, as Investment Sub-Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SENIOR DEBT PORTFOLIO as a Consenting Lender
By:	BOSTON MANAGEMENT AND RESEARCH, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GRAYSON & CO, as a Consenting Lender
By:	BOSTON MANAGEMENT AND RESEARCH, as Investment Advisor
By:	/s/ Michael B. Botthof
	Name: Michael B. Botthof
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

FIDELITY AMERICAN HIGH YIELD FUND, for FIDELITY INVESTMENTS CANADA ULC as Trustee of FIDELITY AMERICAN HIGH YIELD FUND, as a Consenting Lender
By:	/s/ Joe Zambello
	Name: Joe Zambello
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

FIDELITY SUMMER STREET TRUST: FIDELITY GLOBAL HIGH INCOME FUND, as a Consenting Lender
By:	/s/ Joseph Zambello
	Name: Joseph Zambello
	Title: Deputy Treasurer

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

FIFTH THIRD BANK, An Ohio Banking Corporation, as a Consenting Lender
By:	/s/ John A. Marian
	Name: John A. Marian
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

FLORIDA COMMUNITY BANK, N.A., as a Consenting Lender
By:	/s/ James E. Baiter
	Name: James E. Baiter
	Title: EVP & CCO

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

FRANKLIN CLO V LTD., as a Consenting Lender
By:	/s/ Alex Guang Yu
	Name: Alex Guang Yu
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

FRANKLIN FLOATING RATE MASTER TRUST – FRANKLIN FLOATING RATE MASTER SERIES., as a Consenting Lender
By:	/s/ Madeline Lam
	Name: Madeline Lam
	Title: Assistant Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GOLDMAN SACHS ASSET MANAGEMENT CLO, PUBLIC LIMITED COMPANY., as a Consenting Lender
By:	GOLDMAN SACHS ASSET MANAGER, L.P., as Manger, as a Consenting Lender
By:	/s/ Vini Kurreja
	Name: Vini Kurreja
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GOLDMAN SACHS BANK USA, as a Consenting Lender
By:	/s/ Michelle Latzoni
	Name: Michelle Latzoni
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GOTHAM INSURANCE COMPANY., as a Consenting Lender
By:	GOLDMAN SACHS ASSET MANAGEMENT, L.P.,
	solely as its investment advisor and not as principal, as a Consenting Lender
By:	/s/ Vini Kukreja
	Name: Vini Kukreja
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NEW YORK MARINE AND GENERAL INSURANCE COMPANY., as a Consenting Lender
By:	GOLDMAN SACHS ASSET MANAGEMENT, L.P.,
	solely as its investment advisor and not as principal, as a Consenting Lender
By:	/s/ Vini Kukreja
	Name: Vini Kukreja
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NORTHROP GRUMMAN PENSION MASTER TRUST, as a Consenting Lender
By:	GOLDMAN SACHS ASSET MANAGEMENT, L.P.,
	solely as its investment advisor and not as principal, as a Consenting Lender
By:	/s/ Vini Kukreja
	Name: Vini Kukreja
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

TORUS INSURANCE HOLDINGS LIMITED, as a Consenting Lender
By:	GOLDMAN SACHS ASSET MANAGEMENT, L.P.,
	solely as its investment advisor and not as principal, as a Consenting Lender
By:	/s/ Vini Kukreja
	Name: Vini Kukreja
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

UNITED HEALTHCARE INSURANCE COMPANY, as a Consenting Lender
By:	GSO CAPITAL ADVISORS LLC, as Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CALLIDUS DEBT PARTNERS CLO FUND V, as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CENTRAL PARK CLO, LTD., as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

FINN SQUARE CLO, LTD., as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GALE FORCE 3 CLO, LTD., as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GRAMERCY PARK CLO LTD., as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GSO PALMETTO LIQUIDITY FUND LLC, as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Investment Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

INWOOD PARK CDO LTD., as a Consenting Lender
By:	BLACKSTONE DEBT ADVISORS LP, as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

MAPS CLO FUND II, LTD., as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

MARINE PARK CLO LTD., as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

MASASHI SECURED CREDIT FUND LTD., as a Consenting Lender
By:	GSO CAPITAL ADVISORS LLC, as Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

PROSPECT PARK CDO LTD.,       as a Consenting Lender
By:	BLACKSTONE DEBT ADVISORS L.P., as Collateral Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SUN LIFE ASSURANCE COMPANY OF CANADA (US),       as a Consenting Lender
By:	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC, as Sub-Advisor
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SUNSUPER POOLED SUPERANNUATION TRUST,       as a Consenting Lender
By:	GSO CAPITAL PARTNERS LP, its Investment Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

UNITED HEALTHCARE INSURANCE COMPANY,       as a Consenting Lender
By:	GSO CAPITAL ADVISOS II LLC, as Manager
By:	/s/ Dan Smith
	Name: Dan Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

HIGHBRIDGE LOAN MANAGEMENT 2012-1, LTD.,       as a Consenting Lender
By:	HIGHBRIDGE PRINCIPAL STRATEGIES LLC, its Investment Manager
By:	/s/ Jamie Donsky
	Name: Jamie Donsky
	Title: Senior Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

RENAISSANCE TRUST 2009,       as a Consenting Lender
By:	HIGHBRIDGE PRINCIPAL STRATEGIES LLC, its Sub-Investment Manager
By:	/s/ Jamie Donsky
	Name: Jamie Donsky
	Title: Senior Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

HILLMARK FUNDING LTD.,       as a Consenting Lender
By:	HILLMARK CAPITAL MANAGEMENT, L.P., as Collateral Manager, as Lender
By:	/s/ Mark Gold
	Name: Mark Gold
	Title: CEO

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

STONEY LANE FUNDING I, LTD.,       as a Consenting Lender
By:	HILLMARK CAPITAL MANAGEMENT, L.P., as Collateral Manager, as Lender
By:	/s/ Mark Gold
	Name: Mark Gold
	Title: CEO

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

JPMORGAN CHASE BANK, N.A.,       as a Consenting Lender
By:	/s/ John A. Horst
	Name: John A. Horst
	Title: Credit Executive

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KATONAH 2007-I CLO LTD.,       as a Consenting Lender
By:	/s/ Daniel Gilligan
	Name: Daniel Gilligan
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KATONAH X CLO LTD.,       as a Consenting Lender
By:	/s/ Daniel Gilligan
	Name: Daniel Gilligan
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KINGSLAND II, LTD.,       as a Consenting Lender
By:	KINGSLAND CAPITAL MANAGEMENTT, LLC, as Manager
By:	/s/ Katherine Kim
	Name: Katherine Kim
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KINGSLAND III, LTD.,       as a Consenting Lender
By:	KINGSLAND CAPITAL MANAGEMENT, LLC, as Manager
By:	/s/ Katherine Kim
	Name: Katherine Kim
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KINGSLAND IV LTD.,       as a Consenting Lender
By:	KINGSLAND CAPITAL MANAGEMENT, LLC, as Manager
By:	/s/ Katherine Kim
	Name: Katherine Kim
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KINGSLAND V LTD.,       as a Consenting Lender
By:	KINGSLAND CAPITAL MANAGEMENT, LLC, as Manager
By:	/s/ Katherine Kim
	Name: Katherine Kim
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BCBSM, INC.,       as a Consenting Lender
By:	KKR, its Collateral Manager
By:	/s/ Jeffrey Smith
	Name: Jeffrey Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

HMO MINNESOTA,       as a Consenting Lender
By:	KKR, its Collateral Manager
By:	/s/ Jeffrey Smith
	Name: Jeffrey Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KKR FINANCIAL CLO 2005-1, LTD.,       as a Consenting Lender
By:	/s/ Jeffrey Smith
	Name: Jeffrey Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KKR FINANCIAL CLO 2006-1, LTD.,       as a Consenting Lender
By:	/s/ Jeffrey Smith
	Name: Jeffrey Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KKR FINANCIAL CLO 2007-A, LTD.       as a Consenting Lender
By:	/s/ Jeffrey Smith
	Name: Jeffrey Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KKR FINANCIAL CLO 2012-1, LTD..,       as a Consenting Lender
By:	/s/ Jeffrey Smith
	Name: Jeffrey Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KKR FINANCIAL CLO 2013-1, LTD.       as a Consenting Lender
By:	/s/ Jeffrey Smith
	Name: Jeffrey Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

KKR FLOATING RATE FUND L.P.,       as a Consenting Lender
By:	/s/ Jeffrey Smith
	Name: Jeffrey Smith
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

MORGAN STANLEY SENIOR FUNDING, INC.       as a Consenting Lender
By:	/s/ Adam Savarese
	Name: Adam Savarese
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND,       as a Consenting Lender
By:	/s/ Colin Donlan
	Name: Colin Donlan
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

LIGHTPOINT CLO VII, LTD.,       as a Consenting Lender
By:	NEUBERGER BERMAN FIXED INCOME LLC, as Collateral Manager
By:	/s/ Colin Donlan
	Name: Colin Donlan
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NEUBERGER BERMAN CLO XII, LTD.       as a Consenting Lender
By:	NEUBERGER BERMAN FIXED INCOME LLC, its Collateral Manager
By:	/s/ Colin Donlan
	Name: Colin Donlan
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NEUBERGER BERMAN CLO XIII, LTD.       as a Consenting Lender
By:	/s/ Colin Donlan
	Name: Colin Donlan
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NEUBERGER BERMAN CLO XIV, LTD.,       as a Consenting Lender
By:	NEUBERGER BERMAN FIXED INCOME LLC, as Collateral Manager
By:	/s/ Colin Donlan
	Name: Colin Donlan
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NEUBERGER BERMAN INVESTMENT FUNDS II, PLC, as a Consenting Lender
By:	/s/ Colin Donlan
	Name: Colin Donlan Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NEUBERGER BERMAN SENIOR FLOATING RATE INCOME FUND LLC, as a Consenting Lender
By:	/s/ Colin Donlan
	Name: Colin Donlan Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NEUBERGER BERMAN STRATEGIC INCOME FUND, as a Consenting Lender
By:	/s/ Colin Donlan
	Name: Colin Donlan Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

OAK HILL CREDIT PARTNERS V, LIMITED, as a Consenting Lender By:   Oak Hill Advisors, L.P., as Portfolio Manager
By:	/s/ Glenn R. August
	Name: Glenn R. August Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

OHA INTREPID LEVERAGED LOAN FUND, LTD., as a Consenting Lender By:   Oak Hill Advisors, L.P., as its Portfolio Manager
By:	/s/ Glenn R. August
	Name: Glenn R. August Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

OHA LOAN FUNDING 2013 - 2, LTD., as a Consenting Lender By:   Oak Hill Advisors, L.P. As Portfolio Manager
By:	/s/ Glenn R. August
	Name: Glenn R. August Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

OHA PARK AVENUE CLO I, LTD., as a Consenting Lender By:   Oak Hill Advisors, L.P. as Investment Manager
By:	/s/ Glenn R. August
	Name: Glenn R. August Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

HAMLET II, LTD, as a Consenting Lender By:   Octagon Credit Investors, LLC as Portfolio Manager
By:	/s/ Margaret B. Harvey
	Name: Margaret B. Harvey Title: Managing Director of Portfolio Administration

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

OCTAGON DELAWARE TRUST 2011, as a Consenting Lender By:   Octagon Credit Investors, LLC as Portfolio Manager
By:	/s/ Margaret B. Harvey
	Name: Margaret B. Harvey Title: Managing Director of Portfolio Administration

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

G.A.S. (CAYMAN) LIMITED, AS TRUSTEE ON BEHALF OF OCTAGON JOINT CREDIT TRUST SERIES I (AND NOT IN ITS INDIVIDUAL CAPACITY),     as a Consenting Lender By:   Octagon Credit Investors, LLC as Portfolio Manager
By:	/s/ Margaret B. Harvey
	Name: Margaret B. Harvey Title: Managing Director of Portfolio Administration

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

OCTAGON LOAN TRUST 2010, as a Consenting Lender By:   Octagon Credit Investors, LLC, as Investment Manager on behalf of the Bank of New York Trust Company (Cayman) Limited, as Trustee of Octagon Loan Trust 2010
By:	/s/ Margaret B. Harvey
	Name: Margaret B. Harvey Title: Managing Director of Portfolio Administration

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

OCTAGON PAUL CREDIT FUND SERIES I, LTD, as a Consenting Lender By:   Octagon Credit Investors, LLC, as Portfolio Manager
By:	/s/ Margaret B. Harvey
	Name: Margaret B. Harvey Title: Managing Director of Portfolio Administration

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

OPTUMHEALTH BANK, INC., as a Consenting Lender By:   GSO Capital Advisors LLC, as Manager
By:	/s/ Dan Smith
	Name: Dan Smith Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

AAA NORTHERN CALIFORNIA, NEVADA AND UTAH INSURANCE EXCHANGE,     as a Consenting Lender By:   PineBridge Investments LLC, its Investment Manager
By:	/s/ Steven Oh
	Name: Steven Oh Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ADVOCATE HEALTH CARE NETWORK, as a Consenting Lender By:   PineBridge Investments LLC, its Investment Manager
By:	/s/ Thomas Brandt
	Name: Thomas Brandt Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ARCH INVESTMENT HOLDINGS III LTD., as a Consenting Lender By:   PineBridge Investments LLC, as Collateral Manager
By:	/s/ Steven Oh
	Name: Steven Oh Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GALAXY XVI CLO, LTD., as a Consenting Lender By:   PineBridge Investments LLC, as Collateral Manager
By:	/s/ Steven Oh
	Name: Steven Oh Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

VALIDUS REINSURANCE LTD., as a Consenting Lender By:   PineBridge Investments LLC, its Investment Manager
By:	/s/ Steven Oh
	Name: Steven Oh Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

JNL/PPM AMERICA FLOATING RATE INCOME FUND, A SERIES OF THE JNI, SERIES TRUST,     as a Consenting Lender By:   PPM America Inc., as Sub-Advisor
By:	/s/ Chris Kappas
	Name: Chris Kappas Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

ASCERSION HEALTH ALLIANCE MASTER PENSION TRUST CHIMCO ALPHA FUND, LLC,     as a Consenting Lender By:   Pioneer Institutional Asset Management, Inc.
By:	/s/ Margaret C. Beghy
	Name: Margaret C. Beghy Title: Secretary and Associate General Counsel

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

PIONEER FRONTING RATE FUND, as a Consenting Lender By:   Pioneer Investment Management, Inc.
By:	/s/ Margaret C. Beghy
	Name: Margaret C. Beghy Title: Secretary and Associate General Counsel

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Consenting Lender
By:	/s/ Kyle R. Holtz
	Name: Kyle R. Holtz Title: Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

COLE BROOK CBNA LOAN FUNDING LLC, as a Consenting Lender
By:	/s/ Adam R. Jacobs
	Name: Adam R. Jacobs Title: Attorney-in-Fact

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

RAYMOND JAMES BANK, N.A., as a Consenting Lender
By:	/s/ Garrett McKinnon
	Name: Garrett McKinnon Title: Senior Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CAVALRY CLO II,       as a Consenting Lender
By:	Regiment Capital Management, LLC, its Investment Adviser
By:	/s/ William J. Heffron
	Name: William J. Heffron
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

COMMUNITY INSURANCE COMPANY,       as a Consenting Lender
By:	Sankaty Advisors, LLC, as Investment Manager
By:	/s/ Andrew Viens
	Name: Andrew Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

GENERAL ELECTRIC PENSION TRUST,       as a Consenting Lender
By:	Sankaty Advisors, LLC, as Investment Manager
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

QANTAS SUPERANNUATION PLAN,       as a Consenting Lender
By:	Sankaty Advisors, LLC, as Investment Manager
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

RACE POINT IV CLO, LTD.,       as a Consenting Lender
By:	Sankaty Advisors, LLC, as Asset Manager
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

RACE POINT V CLO, LIMITED,       as a Consenting Lender
By:	Sankaty Advisors, LLC, as Portfolio Manager
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

RACE POINT VI CLO, LTD.,       as a Consenting Lender
By:	Sankaty Advisors, LLC, as Asset Manager
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

RACE POINT VII CLO, LIMITED,       as a Consenting Lender
By:	Sankaty Advisors, LLC, as Portfolio Manager
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SANKATY SENIOR LOAN FUND, L.P.       as a Consenting Lender
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SANKATY SENIOR LOAN FUND PLC       as a Consenting Lender
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

WELLPOINT, INC.       as a Consenting Lender
By:	Sankaty Advisors, LLC, as Investment Manager
By:	/s/ Andrew S. Viens
	Name: Andrew S. Viens
	Title: Sr. Vice President of Operations

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SEASIDE NATIONAL BANK & TRUST,       as a Consenting Lender
By:	/s/ Thomas N. Grant
	Name: Thomas N. Grant
	Title: CCO & SVP

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BAPTIST HEALTH SOUTH FLORIDA, INC.,
By:	Seix Investment Advisors LLC, as Advisor
BLUE CROSS OF IDAHO HEALTH SERVICE, INC.,
By:	Seix Investment Advisors LLC, as Investment Manager
CNI CHARTER FUNDS – FIXED INCOME OPPORTUNITIES FUND
By:	Seix Investment Advisors LLC, as Subadviser
MOUNTAIN VIEW CLO III LTD.
By:	Seix Investment Advisors LLC, as Collateral Manager
RIDGEWORTH FUNDS – SEIX FLOATING RATE HIGH INCOME FUND
By:	Seix Investment Advisors LLC, as Subadviser
RIDGEWORTH FUNDS – TOTAL RETURN BOND FUND
By:	Seix Investment Advisors LLC, as Subadviser
, as a Consenting Lender
By:	/s/ George Goudelias
	Name: George Goudelias
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SUMITOMO MITSUI BANKING CORPORATION,       as a Consenting Lender
By:	/s/ David Kee
	Name: David Kee
	Title: Managing Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

NUVEEN DIVERSIFIED DIVIDEND & INCOME FUND,       as a Consenting Lender
By:	Symphony Asset Management LLC
By:	/s/ James Kim
	Name: James Kim
	Title: Co-Head of Credit Research

[Signature Page to SP&E Amendment No. 6]

NUVEEN FLOATING RATE INCOME FUND       as a Consenting Lender
By:	Symphony Asset Management LLC
By:	/s/ James Kim
	Name: James Kim
	Title: Co-Head of Credit Research

[Signature Page to SP&E Amendment No. 6]

NUVEEN SENIOR INCOME FUND,       as a Consenting Lender
By:	Symphony Asset Management LLC
By:	/s/ James Kim
	Name: James Kim
	Title: Co-Head of Credit Research

[Signature Page to SP&E Amendment No. 6]

NUVEEN TAX ADVANTAGED TOTAL RETURN STRATEGY FUND,         as a Consenting Lender
By:	Symphony Asset Management LLC
By:	/s/ James Kim
	Name: James Kim
	Title: Co-Head of Credit Research

[Signature Page to SP&E Amendment No. 6]

SYMPHONY CLO II, LTD.,         as a Consenting Lender
By:	Symphony Asset Management LLC
By:	/s/ James Kim
	Name: James Kim
	Title: Co-Head of Credit Research

[Signature Page to SP&E Amendment No. 6]

SYMPHONY CLO IX, LIMITED PARTNERSHIP,         as a Consenting Lender
By:	Symphony Asset Management LLC
By:	/s/ James Kim
	Name: James Kim
	Title: Co-Head of Credit Research

[Signature Page to SP&E Amendment No. 6]

SYMPHONY CREDIT OPPORTUNITIES FUND LTD.,         as a Consenting Lender
By:	Symphony Asset Management LLC
By:	/s/ James Kim
	Name: James Kim
	Title: Co-Head of Credit Research

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

THL CREDIT WIND RIVER 2013-1 CLO LTD.,         as a Consenting Lender
By:	THL Credit Senior Loan Strategies LLC, as Investment Manager
By:	/s/ Kathleen A. Zarn
	Name: Kathleen A. Zarn
	Title: Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CATAMARAN CLO 2013-1 LTD.,         as a Consenting Lender
By:	Trimaran Advisors, L.L.C.
By:	/s/ Daniel Gilligan
	Name: Daniel Gilligan
	Title: Authorized Signatory

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

U.S. BANK NATIONAL ASSOCIATION,         as a Consenting Lender
By:	/s/ Garret Komjathy
	Name: Garret Komjathy
	Title: Senior Vice President

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

CROWN POINT CLO LTD.,         as a Consenting Lender
By:	/s/ John J. D’Angelo
	Name: John J. D’Angelo
	Title: Sr. Portfolio Manager

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

BLUEMOUNTAIN CLO 2013-1, LTD.         as a Consenting Lender
By:	Bluemountain Capital Management, LLC, Its Collateral Manager
By:	/s/ David Finn
	Name: David Finn
	Title: Operations Analyst

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SSD LOAN FUNDING LLC,         as a Consenting Lender
By:	Citibank, N.A.
By:	/s/ Maria Giannavola
	Name: Maria Giannavola
	Title: Associate Director

[Signature Page to SP&E Amendment No. 6]

The undersigned Lender hereby consents to this Amendment:

SSOMF LOAN FUNDING LLC,         as a Consenting Lender
By:	Citibank, N.A.
By:	/s/ Tina Tran
	Name: Tina Tran
	Title: Associate Director

[Signature Page to SP&E Amendment No. 6]

EX-31.1

Exhibit 31.1

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, James Atchison, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2013 of SeaWorld Entertainment, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2013

/s/ James Atchison

James Atchison

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, James M. Heaney, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2013 of SeaWorld Entertainment, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2013

/s/ James M. Heaney

James M. Heaney

Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SeaWorld Entertainment, Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2013 filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James Atchison, Chief Executive Officer and President, Director of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

• The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

• The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

Date: August 14, 2013

/s/ James Atchison

James Atchison

Chief Executive Officer and President, Director

(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SeaWorld Entertainment, Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2013 filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James M. Heaney, Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

• The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

• The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

Date: August 14, 2013

/s/ James M. Heaney

James M. Heaney

Chief Financial Officer

(Principal Financial Officer)

EX-99.1

Exhibit 99.1

Section 13(r) Disclosure

The Blackstone Group L.P. provided us with the disclosure for this fiscal quarter reproduced below regarding the activities of Hilton Worldwide, Inc. (“Hilton”), which may be considered our affiliate. We have not independently verified or participated in the preparation of this disclosure.

“As previously disclosed, during the reporting period, certain individual employees at two Hilton-branded hotels in the United Arab Emirates received routine wage payments as direct deposits to their personal accounts at Bank Melli, an entity identified on the Specially Designated Nationals and Blocked Persons List (“SDN List”) maintained by the Office of Foreign Assets Control in the U.S. Department of the Treasury. Both of these hotels are owned by a third party, staffed by employees of the third-party owner and operated pursuant to a management agreement between the owner and a Hilton affiliate. In each case, these payments originated from the third-party owner’s account to the personal accounts of the employees at their chosen bank. During the reporting period, both hotels discontinued making direct deposits to accounts at Bank Melli. No revenues or net profits are associated with these transactions.

Also as previously disclosed, during the reporting period, several individuals stayed at the DoubleTree Kuala Lumpur, Malaysia, pursuant to a rate agreement between the hotel and Mahan Air, an entity identified on the SDN List. The rate agreement was terminated as of May 2, 2013. This hotel is staffed by employees of the third-party owner and operated pursuant to a management agreement between the owner and a Hilton affiliate. Under the rate agreement, which was entered into in the name of the owner, the hotel reserved a number of rooms for Mahan Air crew members at the DoubleTree Kuala Lumpur several times each week. Revenue and net profit received by Hilton attributable to Mahan Air crew hotel stays during the reporting period was approximately $430.”

In addition, Travelport Limited, which may be considered our affiliate, included the disclosure reproduced below in its Form 10-Q for the fiscal quarter ended June 30, 2013. We have not independently verified or participated in the preparation of this disclosure.

“As part of our global business in the travel industry, we provide certain passenger travel related GDS and airline IT Solutions services to Iran Air. We also provide certain airline IT Solutions services to Iran Air Tours. All of these services are either exempt from applicable sanctions prohibitions pursuant to a statutory exemption in the International Emergency Economic Powers Act permitting transactions ordinarily incident to travel or, to the extent not otherwise exempt, specifically licensed by the U.S. Office of Foreign Assets Control (“OFAC”). Subject to any changes in the exempt/licensed status of such activities, we intend to continue these business activities, which are directly related to and promote the arrangement of travel for individuals.

Prior to and during the reporting period, we also provided airline IT Solutions services to Syrian Arab Airlines. These services were generally understood to be permissible under the same statutory travel exemption. The services were terminated following the May 2013 action by OFAC to designate this airline as a Specially Designated Global Terrorist pursuant to the Global Terrorism Sanctions Regulations.

The gross revenue and net profit attributable to these activities in the quarter ended June 30, 2013 were approximately $248,000 and $176,000, respectively.”

XML

Equity-Based Compensation

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

11. EQUITY-BASED COMPENSATION

In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period.

Employee Units Surrendered for Common Stock

Prior to April 18, 2013, the Company had an Employee Unit Incentive Plan (“Employee Unit Plan”). Under the Employee Unit Plan, the Partnerships granted Employee Units to certain key employees of SEA (“Employee Units”). The Employee Units which were granted were accounted for as equity awards and were divided into three tranches, Time-Vesting Units (“TVUs”), 2.25x Performance Vesting Units (“PVUs”) and 2.75x PVUs. Upon vesting of the Employee Units, the Company issued the corresponding number of shares of common stock of the Company to the Partnerships. There was no related cost to the employee upon vesting of the units. As of April 18, 2013, 669,293 Employee Units had been granted under the Employee Unit Plan, net of forfeitures. Separately, certain members of management in 2011 also purchased an aggregate of 29,240 Class D Units of the Partnerships (“Class D Units”).

Prior to the consummation of the Company’s initial public offering, on April 18, 2013, the Employee Units and Class D Units held by certain of the Company’s directors, officers, employees, and consultants were surrendered to the Partnerships and such individuals received an aggregate of 4,165,861 shares of the Company’s issued and outstanding common stock from the Partnerships. The number of shares of the Company’s common stock received by such individuals from the Partnerships was determined in a manner intended to replicate the economic value to each equity holder immediately prior to the transaction. The Class D Units and vested Employee Units were surrendered for an aggregate of 949,142 shares of common stock. The unvested Employee Units were surrendered for an aggregate of 3,216,719 unvested restricted shares of the Company’s common stock, which are subject to vesting terms substantially similar to those applicable to the unvested Employee Units immediately prior to the transaction. These unvested restricted shares consist of Time Restricted shares, and 2.25x and 2.75x Performance Restricted shares, which, for accounting purposes, such shares were removed from issued and outstanding shares until their restrictions are met, as shown on the accompanying unaudited condensed consolidated statement of changes in stockholders’ equity. The following table sets forth the number of Class D Units and Employee Units surrendered for shares of common stock prior to the consummation of the Company’s initial public offering:

	Units		Shares of Common Stock
	(not in thousands)
Vested TVUs surrendered for shares of stock		121,206		727,852
Class D Units surrendered for shares of stock		29,240		221,290
Total Class D Units and vested TVUs surrendered for shares of stock		150,446		949,142
Unvested TVUs surrendered for unvested Time Restricted shares of stock		103,913		599,215
2.25x PVUs surrendered for 2.25x Performance Restricted shares of stock		222,087		1,308,752
2.75x PVUs surrendered for 2.75x Performance Restricted shares of stock		222,087		1,308,752
Total unvested TVUs and PVUs surrendered for shares of unvested restricted stock		548,087		3,216,719
Total units surrendered for shares of stock and unvested restricted stock		698,533		4,165,861

Time-Vesting Units (TVUs) and Time Restricted Shares

One-third of the Employee Units originally granted vested over five years (20% per year). Generally, the vesting began on the earlier of December 1, 2009, or the grant date. Vesting was contingent upon continued employment. In the event of a change of control (defined as a sale or disposition of the assets of the limited partnership to other than a Blackstone affiliated group or, if any group other than a Blackstone-affiliated entity, becomes the general partner or the beneficial owner of more than 50% interest), the TVUs immediately 100% vested. The TVUs were originally recorded at the fair market value at the date of grant and were being amortized to compensation expense over the vesting period.

The shares of stock received upon surrender of the Employee Units contain substantially identical terms, conditions and vesting schedules as the previously outstanding Employee Units. In accordance with the guidance in ASC 718-20, Compensation-Stock Compensation, the surrender of the Employee Units for shares of common stock and Time Restricted shares qualifies as a modification of an equity compensation plan. As such, the Company calculated the incremental fair value of the TVU awards immediately prior to and after their modification and determined that $282 of incremental equity compensation cost would be recorded upon surrender of the vested TVUs for vested shares of stock in the three months ended June 30, 2013. The remaining incremental compensation cost of $220 which represents the incremental cost on the unvested TVUs which were surrendered for unvested Time Restricted shares of restricted stock, will be added to the original grant date fair value of the TVU awards and amortized to compensation expense over the remaining vesting period.

Total combined compensation expense related to these TVU and Time Restricted share awards was $611 and $931 for the three and six months ended June 30, 2013 and $300 and $567 for the three and six months ended June 30, 2012 and is included in selling, general, and administrative expenses in the accompanying unaudited condensed consolidated statement of operations and comprehensive income (loss) and as contributed capital in the accompanying unaudited condensed consolidated statements of stockholders’ equity. Total unrecognized compensation cost related to the unvested Time Restricted shares, expected to be recognized over the remaining vesting term which approximates two years, was approximately $2,295 as of June 30, 2013. The activity related to the TVU and Time Restricted share awards for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares			Weighted Average Fair Value (per Unit/Share)		Weighted Average Remaining Contractual Term
	(not in thousands)
Outstanding unvested TVUs at December 31, 2012		112,701					$	21.70
Vested units		(8,788	)				$	22.71
TVUs surrendered for unvested Time Restricted shares of stock		(103,913	)		599,215		$	4.38
Vested shares		—			(8,909	)	$	4.38
Forfeited		—			—			—
Outstanding unvested Time Restricted shares of stock at June 30, 2013		—			590,306		$	4.38	25 months

2.25x and 2.75x Performance Vesting Units (PVUs) and Performance Restricted Shares

Two tranches of the Employee Units vested only if certain events occur. The 2.25x PVUs under the Employee Unit Plan vested if the employee is employed by the Company when and if Blackstone receives cash proceeds (not subject to any clawback, indemnity or similar contractual obligation) in respect of its Partnerships units equal to (x) a 20% annualized effective compounded return rate on Blackstone’s investment and (y) a 2.25x on Blackstone’s investment. The 2.75x PVUs under the Employee Unit Plan vested if the employee is employed by the Company when and if Blackstone received cash proceeds (not subject to any clawback, indemnity or similar contractual obligation) in respect of its Partnerships units equal to (x) a 15% annualized effective compounded return rate on Blackstone’s investment and (y) a 2.75x multiple on Blackstone’s investment. The PVUs had no termination date other than termination of employment from the Company and there were no service or period vesting conditions associated with the PVUs other than employment at the time the benchmark was reached; no compensation was recorded related to these PVUs prior to the modification since their exercise was not considered probable. The unvested Performance Restricted shares received upon surrender of the Employee Unit PVUs contain substantially the same terms and conditions as the previously outstanding PVUs. No compensation expense will be recorded related to the Performance Restricted shares until their vesting is probable, accordingly, no compensation expense has been recorded during the six months ended June 30, 2013 or 2012 related to these PVU or Performance Restricted share awards.

The activity related to the 2.25x Performance Restricted shares for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares
	(not in thousands)
Outstanding 2.25x PVUs at December 31, 2012		225,051
Forfeited		(2,964	)
2.25x PVUs surrendered for unvested 2.25x Performance Restricted shares of stock		(222,087	)		1,308,752
Vested					—
Outstanding unvested 2.25x Performance Restricted shares of stock at June 30, 2013		—			1,308,752

The activity related to the 2.75x Performance Restricted shares for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares
	(not in thousands)
Outstanding 2.75x PVUs at December 31, 2012		225,051
Forfeited		(2,964	)
2.75x PVUs surrendered for unvested 2.75x Performance Restricted shares of stock		(222,087	)		1,308,752
Vested					—
Outstanding unvested 2.75x Performance Restricted shares of stock at June 30, 2013		—			1,308,752

The fair value of each Employee Unit originally granted was estimated on the date of grant using a composite of the discounted cash flow model and the guideline public company approach to determine the underlying enterprise value. The discounted cash flow model was based upon significant inputs that are not observable in the market. Key assumptions included projected cash flows, a discount rate of 10.5%, and a terminal value. The guideline public company approach uses relevant public company valuation multiples to determine fair value. The value of the individual equity tranches was allocated based upon the Option-Pricing Method model. Significant assumptions included a holding period of 2.6 to 3.6 years, a risk free rate of 0.33% to 1.22%, volatility of approximately 49% to 57%, a discount for lack of marketability, depending upon the units, from 31% to 53% and a 0 dividend yield. Volatility for SEA’s stock at the date of grant was estimated using the average volatility calculated for a peer group, which is based upon daily price observations over the estimated term of units granted.

In order to calculate the incremental fair value at the modification date, the Option-Pricing Method model was used to estimate the fair value prior to the modification. For the fair value after the modification, the initial public offering price of $27.00 per share was used to calculate the fair value of the TVUs while the fair value of the PVUs was estimated using an asset-or-nothing call option approach. Significant assumptions used in both the Option-Pricing Method model and the asset-or-nothing call option approach included a holding period of approximately 2 years from the initial public offering date, a risk free rate of 0.24%, a volatility of approximately 37.6% based on re-levered historical and implied equity volatility of comparable companies and a 0 dividend yield.

2013 Omnibus Incentive Plan

The Company reserved 15,000,000 shares of common stock for future issuance under the Company’s new 2013 Omnibus Incentive Plan (“2013 Omnibus Plan”). The 2013 Omnibus Plan is administered by the compensation committee of the Board of Directors, and provides that the Company may grant equity incentive awards to eligible employees, directors, consultants or advisors in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based and performance compensation awards. If an award under the 2013 Omnibus Plan terminates, lapses, or is settled without the payment of the full number of shares subject to the award, the undelivered shares may be granted again under the 2013 Omnibus Plan.

On April 19, 2013, 494,557 shares of restricted stock were granted to the Company’s directors, officers and employees under the 2013 Omnibus Incentive Plan (the “2013 Grant”). The shares granted were in the form of time vesting restricted shares (“Time Restricted 2013 shares”), 2.25x performance restricted shares (“2.25x Performance Restricted 2013 shares”) and 2.75x performance restricted shares (“2.75x Performance Restricted 2013 shares”). The activity related to the 2013 Grant for the six months ended June 30, 2013, is as follows:

	Shares			Weighted Average Grant Date Fair Value (per Share)		Weighted Average Remaining Contractual Term
		(not in thousands	)
2013 Grant
Granted:
Time Restricted 2013 shares vesting after lock up period		85,647		$	33.52	6 months
Time Restricted 2013 shares vesting over remaining service period		82,290		$	33.52	25 months
2.25x Performance Restricted 2013 shares		163,310		$	30.46
2.75x Performance Restricted 2013 shares		163,310		$	23.05
Vested		—			—
Forfeited		—			—
Outstanding 2013 Grant unvested restricted shares at June 30, 2013		494,557		$	29.05

The vesting terms and conditions of the Time Restricted 2013 shares, the 2.25x Performance Restricted 2013 shares, and the 2.75x Performance Restricted 2013 shares included in the 2013 Grant are substantially the same as those of the previous Employee Unit Plan TVUs, 2.25x PVUs, and 2.75x PVUs, respectively, (see previous discussion concerning the TVU and PVU vesting conditions). For the Time Restricted 2013 shares, after an initial 180 day post initial public offering lock up period, the vesting schedule from the Employee Unit Plan carries over so that each recipient will vest in the 2013 Grant in the same proportion as they were vested in the previous Employee Unit Plan. The remaining unvested shares will vest over the remaining service period, subject to substantially the same vesting conditions which carried over from the previous Employee Unit Plan.

The grant date fair value for the Time Restricted 2013 shares awarded was determined based on the closing market price of the Company’s stock at the date of grant applied to the total number of shares that are anticipated to fully vest. The fair value of the restricted shares will be recognized as equity compensation on a straight-line basis over the requisite service period as if the award was, in substance, multiple awards consisting of the Time Restricted 2013 shares which vest at the end of the 180 day lock up period, and the remaining Time Restricted 2013 shares which vest over the requisite service period. As a result, approximately $1,291 of equity compensation expense was recognized in the three months ended June 30, 2013 related to the 2013 Grant, leaving unrecognized equity compensation expense related to the Time Restricted 2013 shares of $1,914 to be recognized by the end of the lock up period and $2,424 to be recognized over the remaining requisite service period.

The grant date fair value of the 2.25x and 2.75x Performance Restricted 2013 shares was measured using the asset-or-nothing option pricing model. Significant assumptions included a holding period of approximately 2 years from the initial public offering date, a risk free rate of 0.24%, a volatility of approximately 33.2% based on re-levered historical and implied equity volatility of comparable companies and a 0 dividend yield. There is no compensation expense recorded related to the Performance Restricted 2013 shares until their issuance is probable. Total unrecognized compensation expense as of June 30, 2013 for the 2013 Grant was approximately $4,974 and $3,764 for the 2.25x Performance Restricted 2013 shares and 2.75x Performance Restricted 2013 shares, respectively.

As of June 30, 2013, there were 14,505,443 shares of common stock available for future issuance under the Company’s 2013 Omnibus Plan.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Net revenues:
Admissions	$ 255,001	$ 259,058	$ 407,427	$ 392,313
Food, merchandise and other	156,291	166,824	242,475	246,011
Total revenues	411,292	425,882	649,902	638,324
Costs and expenses:
Cost of food, merchandise and other revenues	32,974	36,959	52,802	55,659
Operating expenses	194,674	205,370	367,934	368,746
Selling, general and administrative	62,168	49,028	102,155	91,764
Termination of advisory agreement	50,072		50,072
Depreciation and amortization	40,424	41,439	81,832	77,348
Total costs and expenses	380,312	332,796	654,795	593,517
Operating income (loss)	30,980	93,086	(4,893)	44,807
Other income, net	107	733	180	1,873
Interest expense	22,926	28,909	51,532	56,718
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs	32,429		32,429
(Loss) income before income taxes	(24,268)	64,910	(88,674)	(10,038)
(Benefit from) provision for income taxes	(8,414)	25,790	(32,460)	(4,024)
Net (loss) income	(15,854)	39,120	(56,214)	(6,014)
Other comprehensive income:
Unrealized gain on derivatives, net of tax	2,286		2,580
Comprehensive (loss) income	$ (13,568)	$ 39,120	$ (53,634)	$ (6,014)
(Loss) earnings per share:
Net (loss) income per share, basic	$ (0.18)	$ 0.47	$ (0.66)	$ (0.07)
Net (loss) income per share, diluted	$ (0.18)	$ 0.47	$ (0.66)	$ (0.07)
Weighted average commons shares outstanding:
Basic, shares	88,222	82,448	85,510	82,436
Diluted, shares	88,222	83,240	85,510	82,436
Cash dividends declared per share:
Cash dividends declared per share	$ 0.20	$ 6.07	$ 0.20	$ 6.07

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Income Taxes

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Taxes

4. INCOME TAXES

Income tax expense is recognized based on the Company’s estimated annual effective tax rate which is based upon the tax rate expected for the full calendar year applied to the pre-tax income or loss of the interim period. The Company’s consolidated effective tax rate for the three and six months ended June 30, 2013 was 34.7% and 36.6%, respectively, and differs from the statutory federal income tax rate primarily due to state income taxes. The Company’s consolidated effective tax rate for the three and six months ended June 30, 2012 was 39.7% and 40.1%, respectively, and differs from the statutory federal income tax rate primarily due to state income taxes.

The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an uncertain tax position. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of tax expense to the applicable period.

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Value of the Company's Derivative Financial Instruments Classification on Unaudited Condensed Consolidated Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheet as of June 30, 2013:

	Asset Derivatives As of June 30, 2013			Liability Derivatives As of June 30, 2013
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	2,096	Other liabilities	$	—
Total derivatives designated as hedging instruments		$	2,096		$	—

Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)

The table below presents the pre-tax effect of the Company’s derivative financial instruments on the unaudited condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2013:

	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013
Derivatives in Cash Flow Hedging Relationships:
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income	$	4,046		$	4,718
Loss related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense	$	(382	)	$	(722	)
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense)	$	—		$	—

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Stockholders' Equity

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Stockholders' Equity

12. STOCKHOLDERS’ EQUITY

Stock Split

On April 7, 2013, the Company’s Board of Directors authorized an eight-for-one split of the Company’s common stock which was effective on April 8, 2013. The Company retained the current par value of $0.01 per share for all shares of common stock after the stock split, and accordingly, stockholders’ equity on the accompanying unaudited condensed consolidated balance sheets and the unaudited condensed consolidated statements of changes in stockholders’ equity reflects the stock split by reclassifying from “Additional paid-in capital” to “Common stock” an amount equal to the par value of the additional shares arising from the split. The Company’s historical share and per share information has been retroactively adjusted to give effect to this stock split.

Contemporaneously with the stock split, the Company’s Board of Directors approved an increase in the number of authorized shares of common stock to 1 billion shares. Additionally, upon the consummation of the initial public offering, the Board of Directors authorized 100,000,000 shares of preferred stock at a par value of $0.01 per share.

Initial Public Offering and Use of Proceeds

On April 24, 2013, the Company completed its initial public offering of its common stock in which it offered and sold 10,000,000 shares of common stock and the selling shareholders of the Company offered and sold 19,900,000 shares of common stock including, 3,900,000 shares of common stock pursuant to the exercise in full of the underwriters’ over-allotment option. The shares offered and sold in the offering were registered under the Securities Act pursuant to the Company’s Registration Statement on Form S-1, which was declared effective by the SEC on April 18, 2013. The common stock is listed on the New York Stock Exchange under the symbol “SEAS”.

The Company’s shares of common stock were sold at an initial public offering price of $27.00 per share, which generated net proceeds of approximately $245,400 to the Company after deducting underwriting discounts, expenses and transaction costs. The Company did not receive any proceeds from shares sold by the selling shareholders. The Company used a portion of the net proceeds received in the offering to redeem $140,000 in aggregate principal amount of its Senior Notes at a redemption price of 111.0% plus accrued and unpaid interest thereon, pursuant to a provision in the indenture governing the Senior Notes that permits the Company to redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings. In addition, the Company used approximately $46,300 of the net proceeds received from the offering to make a one-time payment to an affiliate of Blackstone in connection with the termination of the 2009 Advisory Agreement (see Note 9 – Related-Party Transactions). Of the net proceeds received from the offering, $37,000 was used to repay a portion of the outstanding indebtedness under Term Loan B. The remainder of the proceeds was used for other general corporate purposes.

Dividends

In March 2012, the Company declared a $500,000 cash dividend to its common stockholders, which at that time consisted of entities controlled by certain affiliates of Blackstone. In June 2013, the Company’s Board of Directors adopted a policy to pay a regular quarterly dividend. As a result, an initial quarterly cash dividend of $0.20 per share payable on July 1, 2013 was declared to all common stockholders of record at the close of business on June 20, 2013. Unvested restricted shares carry dividend rights and therefore the dividends are payable as the shares vest in accordance with the underlying stock compensation grants. As of June 30, 2013, the Company had $18,072 of cash dividends payable included in other current liabilities in the accompanying unaudited condensed consolidated balance sheet. Dividends on the 2.25x and 2.75x Performance Restricted shares, including the 2.25x and 2.75x Performance Restricted 2013 shares (collectively the “Performance Restricted shares”), were approximately $294 for each tranche and will accumulate and be paid only if and to the extent the Performance Restricted shares vest in accordance with their terms. The Company has not recorded a payable related to these dividends as the vesting of the Performance Restricted Shares is not probable.

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Stockholders' Equity - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	1 Months Ended	3 Months Ended	6 Months Ended							1 Months Ended		1 Months Ended
	Jun. 30, 2013	Mar. 30, 2012	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Jun. 30, 2013 2.25x Performance Restricted Shares [Member]	Jun. 30, 2013 2.75x Performance Restricted Shares [Member]	Apr. 24, 2013 Senior Notes [Member]	Jun. 30, 2013 Senior Notes [Member] Prior to December 1, 2014 [Member]	Apr. 24, 2013 Initial Public Offering [Member]	Jun. 30, 2013 Initial Public Offering [Member]	Apr. 24, 2013 Initial Public Offering [Member] Senior Notes [Member]	Apr. 24, 2013 Initial Public Offering [Member] Term Loan B [Member]	Apr. 24, 2013 Initial Public Offering Over-Allotment [Member]	Apr. 24, 2013 Equity Offering [Member] Senior Notes [Member]	Apr. 24, 2013 Equity Offering [Member] Senior Notes [Member] Prior to December 1, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split description			On April 7, 2013, the Company's Board of Directors authorized an eight-for-one split of the Company's common stock which was effective on April 8, 2013. The Company's historical share and per share information has been retroactively adjusted to give effects to this stock split.
Stock split conversion ratio			8
Common stock, par value	$ 0.01		$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000		1,000,000,000	1,000,000,000
Preferred stock, shares authorized	100,000,000		100,000,000	100,000,000
Preferred stock, par value	$ 0.01		$ 0.01	$ 0.01
Shares of common stock issued through initial public offering, shares										10,000,000
Shares offered and sold by the selling shareholders										19,900,000				3,900,000
Shares of common stock issued through initial public offering, per share										$ 27.00	$ 27.00
Net proceeds received from offering			$ 245,441							$ 245,441
Net proceeds received used to redeem 11% Senior Notes												140,000
Senior Notes redemption aggregate price percentage								111.00%	100.00%							111.00%
Senior Notes redemption terms												A provision in the indenture governing the Senior Notes that permits the Company to redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings.
Senior Notes redemption percentage															35.00%
Payment made to affiliate for termination of Advisory Agreement										46,300
Net proceeds from offering													37,000
Dividend declared to stockholders		500,000	18,072
Cash dividend declared	$ 0.20		$ 0.20		$ 6.07
Dividend payable date	Jul. 01, 2013
Dividend record date	Jun. 20, 2013
Cash dividends payable	18,072
Dividends payable	$ 18,072		$ 18,072		$ 40,003	$ 294	$ 294

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Fair Value Measurements - Additional Information (Detail) (Significant Unobservable Inputs (Level 3) [Member])	6 Months Ended
	Jun. 30, 2013
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Discount rate of Senior Notes	11.05%

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Description of the Business and Basis of Presentation - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended	1 Months Ended
	Jun. 30, 2013 PartnershipUnit Business	Apr. 24, 2013 Initial Public Offering [Member]	Apr. 24, 2013 Initial Public Offering Over-Allotment [Member]
Business Description And Basis Of Presentation [Line Items]
Number of limited partnerships which owned the Company	10
Number of theme parks owned	11
Shares of common stock issued through initial public offering		10,000,000
Net proceeds received from offering	$ 245,441	$ 245,441
Shares offered and sold by the selling shareholders		19,900,000	3,900,000

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Equity-Based Compensation (Tables) (Converted Shares of Stock [Member])

6 Months Ended

Jun. 30, 2013

Schedule of Employee Stock Performance Activity

The following table sets forth the number of Class D Units and Employee Units surrendered for shares of common stock prior to the consummation of the Company’s initial public offering:

	Units		Shares of Common Stock
	(not in thousands)
Vested TVUs surrendered for shares of stock		121,206		727,852
Class D Units surrendered for shares of stock		29,240		221,290
Total Class D Units and vested TVUs surrendered for shares of stock		150,446		949,142
Unvested TVUs surrendered for unvested Time Restricted shares of stock		103,913		599,215
2.25x PVUs surrendered for 2.25x Performance Restricted shares of stock		222,087		1,308,752
2.75x PVUs surrendered for 2.75x Performance Restricted shares of stock		222,087		1,308,752
Total unvested TVUs and PVUs surrendered for shares of unvested restricted stock		548,087		3,216,719
Total units surrendered for shares of stock and unvested restricted stock		698,533		4,165,861

2013 Omni Bus Incentive Plan [Member]

Schedule of Employee Stock Performance Activity

The activity related to the 2013 Grant for the six months ended June 30, 2013, is as follows:

	Shares			Weighted Average Grant Date Fair Value (per Share)		Weighted Average Remaining Contractual Term
		(not in thousands	)
2013 Grant
Granted:
Time Restricted 2013 shares vesting after lock up period		85,647		$	33.52	6 months
Time Restricted 2013 shares vesting over remaining service period		82,290		$	33.52	25 months
2.25x Performance Restricted 2013 shares		163,310		$	30.46
2.75x Performance Restricted 2013 shares		163,310		$	23.05
Vested		—			—
Forfeited		—			—
Outstanding 2013 Grant unvested restricted shares at June 30, 2013		494,557		$	29.05

TVUs [Member] | Time Restricted Shares [Member]

Schedule of Employee Stock Performance Activity

The activity related to the TVU and Time Restricted share awards for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares			Weighted Average Fair Value (per Unit/Share)		Weighted Average Remaining Contractual Term
	(not in thousands)
Outstanding unvested TVUs at December 31, 2012		112,701					$	21.70
Vested units		(8,788	)				$	22.71
TVUs surrendered for unvested Time Restricted shares of stock		(103,913	)		599,215		$	4.38
Vested shares		—			(8,909	)	$	4.38
Forfeited		—			—			—
Outstanding unvested Time Restricted shares of stock at June 30, 2013		—			590,306		$	4.38	25 months

2.25x PVU Employee Units [Member] | 2.25x Performance Restricted Shares [Member]

Schedule of Employee Stock Performance Activity

The activity related to the 2.25x Performance Restricted shares for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares
	(not in thousands)
Outstanding 2.25x PVUs at December 31, 2012		225,051
Forfeited		(2,964	)
2.25x PVUs surrendered for unvested 2.25x Performance Restricted shares of stock		(222,087	)		1,308,752
Vested					—
Outstanding unvested 2.25x Performance Restricted shares of stock at June 30, 2013		—			1,308,752

2.75x PVU Employee Units [Member] | 2.75x Performance Restricted Shares [Member]

Schedule of Employee Stock Performance Activity

The activity related to the 2.75x Performance Restricted shares for the six months ended June 30, 2013, is as follows:

	Employee Units			Shares
	(not in thousands)
Outstanding 2.75x PVUs at December 31, 2012		225,051
Forfeited		(2,964	)
2.75x PVUs surrendered for unvested 2.75x Performance Restricted shares of stock		(222,087	)		1,308,752
Vested					—
Outstanding unvested 2.75x Performance Restricted shares of stock at June 30, 2013		—			1,308,752

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Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2.75x Performance Restricted Shares) (Detail) (Units Surrendered For Shares Plan [Member])	6 Months Ended
	Jun. 30, 2013
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PVUs surrendered for unvested Performance Restricted shares of stock (in shares)	4,165,861
2.75x Performance Restricted Shares [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning balance
Forfeited
Vested
Outstanding shares, ending balance	1,308,752
2.75x PVU Employee Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding units, beginning balance	225,051
Forfeited units	(2,964)
Vested
Outstanding units, ending balance
Two Point Seven Five Performance Vesting Units Surrendered For Two Point Seven Five Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PVUs surrendered for unvested Performance Restricted shares of stock (in shares)	1,308,752
Two Point Seven Five Performance Vesting Units Surrendered For Two Point Seven Five Performance Restricted Shares [Member] | 2.75x PVU Employee Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PVUs surrendered for unvested Performance Restricted shares of stock (in units)	(222,087)

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Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Maturities Of Long Term Debt [Abstract]
2013	$ 7,025
2014	14,050
2015	14,050
2016	274,050
2017	14,050
Thereafter	1,341,775
Total	$ 1,665,000	$ 1,845,774

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Fair Value Measurements - Schedule of Liabilities Measured at Fair Value (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Derivative financial instruments	$ 2,096
Current maturities on long-term debt	14,050	21,330
Long-term debt	1,631,829	1,802,644
Derivative financial instruments		$ 1,880

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Other Accrued Expenses - Schedule of Other Accrued Expenses (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Payables And Accruals [Abstract]
Accrued property taxes	$ 7,065	$ 1,974
Accrued interest	2,894	3,877
Note payable	3,000	3,000
Self-insurance reserve	7,800	7,800
Other	2,552	2,699
Total other accrued expenses	$ 23,311	$ 19,350

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Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail)	6 Months Ended
	Jun. 30, 2013
Units Surrendered For Shares Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	4,165,861
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Vested Time Vesting Units Surrendered For Shares Of Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	727,852
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Class D Units surrendered for shares of stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	221,290
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Class D Units and vested TVUs surrendered for shares of stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	949,142
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | Time Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	599,215
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Two Point Two Five Performance Vesting Units Surrendered For Two Point Two Five Performance Restricted Shares [Member] | 2.25x Performance Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	1,308,752
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Two Point Seven Five Performance Vesting Units Surrendered For Two Point Seven Five Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	1,308,752
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Unvested TVUs and PVUs surrendered for shares of unvested restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	3,216,719
Employee Unit Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in units)	698,533
Employee Unit Incentive Plan [Member] | Vested Time Vesting Units Surrendered For Shares Of Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in units)	121,206
Employee Unit Incentive Plan [Member] | Class D Units surrendered for shares of stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in units)	29,240
Employee Unit Incentive Plan [Member] | Class D Units and vested TVUs surrendered for shares of stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in units)	150,446
Employee Unit Incentive Plan [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in units)	103,913
Employee Unit Incentive Plan [Member] | Two Point Two Five Performance Vesting Units Surrendered For Two Point Two Five Performance Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in units)	222,087
Employee Unit Incentive Plan [Member] | Two Point Seven Five Performance Vesting Units Surrendered For Two Point Seven Five Performance Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in units)	222,087
Employee Unit Incentive Plan [Member] | Unvested TVUs and PVUs surrendered for shares of unvested restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in units)	548,087

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Liabilities Measured at Fair Value

The following table presents the Company’s estimated fair value measurements and related classifications as of June 30, 2013:

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at June 30, 2013
Assets:
Derivative financial instruments (a)	$	—	$	2,096	$	—	$	2,096
Liabilities:
Long-term obligations (b)	$	—	$	1,405,000	$	265,751	$	1,670,751

(a) Reflected at fair value in the unaudited condensed consolidated balance sheet as other assets of $2,096. There were no transfers between Levels 1, 2 or 3 during the three or six months ended June 30, 2013.

(b) Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,631, 829 as of June 30, 2013.

The Company did not have any assets measured at fair value at December 31, 2012. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2012:

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2012
Liabilities:
Letters of Credit	$	—	$	11,569	$	—	$	11,569
Long-term obligations (a)	$	—	$	1,445,774	$	416,317	$	1,862,091
Derivative financial instruments (b)	$	—	$	1,880	$	—	$	1,880

(a) Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $21,330 and long-term debt of $1,802,644 as of December 31, 2012.

(b) Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $1,880 at December 31, 2012.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash Flows From Operating Activities:
Net loss	$ (56,214)	$ (6,014)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	81,832	77,348
Amortization of debt issuance costs and discounts	7,441	10,408
Loss on sale or disposal of property and equipment	4,235	6,100
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs	32,429
Deferred income tax provision	(32,460)	(4,024)
Equity-based compensation	2,222	562
Changes in assets and liabilities:
Accounts receivable	(22,011)	(14,309)
Inventories	(9,563)	(9,335)
Prepaid expenses and other current assets	(1,914)	(1,973)
Accounts payable	26,070	15,606
Accrued salaries, wages and benefits	(8,498)	(3,574)
Deferred revenue	69,855	61,161
Other accrued expenses	4,179	5,066
Other assets and liabilities	128	3,834
Net cash provided by operating activities	97,731	140,856
Cash Flows From Investing Activities:
Capital expenditures	(88,025)	(115,603)
Change in restricted cash	(232)
Net cash used in investing activities	(88,257)	(115,603)
Cash Flows From Financing Activities:
Repayment of long-term debt	(182,229)	(7,118)
Redemption premium payment	(15,400)
Proceeds from the issuance of debt	1,455	487,163
Proceeds from issuance of common stock, net of underwriter commissions	253,800
Repayment of revolving credit facility, net		(4,000)
Dividends paid to stockholders	(184)	(463,187)
Debt issuance costs	(13,961)	(7,024)
Offering costs	(4,694)
Net cash provided by financing activities	38,787	5,834
Change in Cash and Cash Equivalents	48,261	31,087
Cash and Cash Equivalents-Beginning of period	45,675	66,663
Cash and Cash Equivalents-End of period	93,936	97,750
Supplemental Disclosures of Noncash Investing and Financing Activities
Dividends declared, but unpaid	18,072	40,003
Capital expenditures in accounts payable	$ 31,414	$ 34,785

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Recently Issued Accounting Pronouncements

6 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Recently Issued Accounting Pronouncements

2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification (“ASC”) 220, Comprehensive Income. The amended guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amended guidance does not change the current requirements for reporting net income or other comprehensive income. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a significant impact on the Company’s condensed consolidated financial statements.

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Other Accrued Expenses

6 Months Ended

Jun. 30, 2013

Payables And Accruals [Abstract]

Other Accrued Expenses

5. OTHER ACCRUED EXPENSES

Other accrued expenses at June 30, 2013 and December 31, 2012, consisted of the following:

	June 30, 2013		December 31, 2012
Accrued property taxes	$	7,065	$	1,974
Accrued interest		2,894		3,877
Note payable		3,000		3,000
Self-insurance reserve		7,800		7,800
Other		2,552		2,699
Total other accrued expenses	$	23,311	$	19,350

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(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

3. (LOSS) EARNINGS PER SHARE

(Loss) earnings per share is computed as follows (in thousands, except per share data):

	Three Months Ended June 30,														Six Months Ended June 30,
	2013								2012						2013								2012
	Net (Loss)			Shares		Per Share Amount			Net Income		Shares		Per Share Amount		Net (Loss)			Shares		Per Share Amount			Net (Loss)			Shares		Per Share Amount
Basic (loss) earnings per share	$	(15,854	)		88,222	$	(0.18	)	$	39,120		82,448	$	0.47	$	(56,214	)		85,510	$	(0.66	)	$	(6,014	)		82,436	$	(0.07	)
Effect of dilutive incentive-based awards					—							792							—								—
Diluted (loss) earnings per share	$	(15,854	)		88,222	$	(0.18	)	$	39,120		83,240	$	0.47	$	(56,214	)		85,510	$	(0.66	)	$	(6,014	)		82,436	$	(0.07	)

Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. The Company excluded potentially dilutive shares of 622 (in thousands) and 699 (in thousands), for the three and six months ended June 30, 2013, respectively, and potentially dilutive shares of 774 (in thousands), for the six months ended June 30, 2012, from the calculation of diluted loss per share as their effect would have been anti-dilutive due to the Company’s net loss in those periods.

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Related-Party Transactions - Additional Information (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	1 Months Ended		3 Months Ended			6 Months Ended
	Jun. 30, 2013	Apr. 24, 2013	Jun. 30, 2013	Jun. 30, 2012	Mar. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Related Party Transaction [Line Items]
Date of completion of IPO						Apr. 24, 2013
Termination of advisory agreement			$ 50,072			$ 50,072
Dividend declared to stockholders					500,000	18,072
Cash dividend declared	$ 0.20		$ 0.20	$ 6.07		$ 0.20	$ 6.07
Blackstone and Affiliates [Member]
Related Party Transaction [Line Items]
Advisory Agreement, fees			1,874	1,999		2,799	2,811
Termination fee paid	46,300	46,300	46,300			46,300
Write off of 2013 Prepaid advisory fees		3,772
Termination of advisory agreement		50,072
Dividend declared to stockholders	$ 11,749				$ 500,000

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(Loss) Earnings Per Share - Schedule of (Loss) Earnings Per Share (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Basic (loss) earnings per share, Net (Loss)	$ (15,854)	$ 39,120	$ (56,214)	$ (6,014)
Effect of dilutive incentive-based awards
Diluted (loss) earnings per share, Net (Loss)	$ (15,854)	$ 39,120	$ (56,214)	$ (6,014)
Basic (loss) earnings per share, Shares	88,222	82,448	85,510	82,436
Effect of dilutive incentive-based awards, Shares		792
Diluted (loss) earnings per share, Shares	88,222	83,240	85,510	82,436
Basic (loss) earnings per share, Per Share Amount	$ (0.18)	$ 0.47	$ (0.66)	$ (0.07)
Effect of dilutive incentive-based awards, per share
Diluted (loss) earnings per share, Per Share Amount	$ (0.18)	$ 0.47	$ (0.66)	$ (0.07)

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Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Long-term debt	$ 1,665,000	$ 1,845,774
Less discounts	(19,121)	(21,800)
Less current maturities	(14,050)	(21,330)
Total long-term debt, net of current maturities	1,631,829	1,802,644
Term Loan A [Member]
Debt Instrument [Line Items]
Long-term debt		152,000
Term Loan B [Member]
Debt Instrument [Line Items]
Long-term debt		1,293,774
Term B-2 Loans [Member]
Debt Instrument [Line Items]
Long-term debt	1,405,000
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 260,000	$ 400,000

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Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
Derivatives in Cash Flow Hedging Relationships:
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income	$ 4,046	$ 4,718
Loss related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense	(382)	(722)
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense)

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Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2.25x Performance Restricted Shares) (Detail) (Units Surrendered For Shares Plan [Member])	6 Months Ended
	Jun. 30, 2013
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PVUs surrendered for unvested Performance Restricted shares of stock (in shares)	4,165,861
2.25x Performance Restricted Shares [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning balance
Forfeited
Vested
Outstanding shares, ending balance	1,308,752
2.25x PVU Employee Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding units, beginning balance	225,051
Forfeited units	(2,964)
Vested
Outstanding units, ending balance
Two Point Two Five Performance Vesting Units Surrendered For Two Point Two Five Performance Restricted Shares [Member] | 2.25x Performance Restricted Shares [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PVUs surrendered for unvested Performance Restricted shares of stock (in shares)	1,308,752
Two Point Two Five Performance Vesting Units Surrendered For Two Point Two Five Performance Restricted Shares [Member] | 2.25x PVU Employee Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PVUs surrendered for unvested Performance Restricted shares of stock (in units)	(222,087)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	89,603,759	82,737,008
Common stock, shares outstanding	89,603,759	82,737,008

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Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. FAIR VALUE MEASUREMENTS

Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is required to be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The Company has determined that the majority of the inputs used to value its derivative financial instruments using the income approach fall within Level 2 of the fair value hierarchy. The Company uses readily available market data to value its derivatives, such as interest rate curves and discount factors. ASC 820, Fair Value Measurements and Disclosures, also requires consideration of credit risk in the valuation. The Company uses a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA are largely based on observable market data, with the exception of certain assumptions regarding credit worthiness which make the CVA a Level 3 input. Based on the magnitude of the CVA, it is not considered a significant input and the derivatives are classified as Level 2. Of the Company’s long-term obligations, the Term B-2 Loans are classified in Level 2 of the fair value hierarchy. The fair value of the term loans as of June 30, 2013 approximates their carrying value due to the variable nature of the underlying interest rates and the frequent intervals at which such interest rates are reset. The Senior Notes are classified in Level 3 of the fair value hierarchy and have been valued using significant inputs that are not observable in the market including a discount rate of 11.05% and projected cash flows of the underlying Senior Notes.

The following table presents the Company’s estimated fair value measurements and related classifications as of June 30, 2013:

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at June 30, 2013
Assets:
Derivative financial instruments (a)	$	—	$	2,096	$	—	$	2,096
Liabilities:
Long-term obligations (b)	$	—	$	1,405,000	$	265,751	$	1,670,751

(a) Reflected at fair value in the unaudited condensed consolidated balance sheet as other assets of $2,096. There were no transfers between Levels 1, 2 or 3 during the three or six months ended June 30, 2013.

(b) Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,631, 829 as of June 30, 2013.

The Company did not have any assets measured at fair value at December 31, 2012. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2012:

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2012
Liabilities:
Letters of Credit	$	—	$	11,569	$	—	$	11,569
Long-term obligations (a)	$	—	$	1,445,774	$	416,317	$	1,862,091
Derivative financial instruments (b)	$	—	$	1,880	$	—	$	1,880

(a) Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $21,330 and long-term debt of $1,802,644 as of December 31, 2012.

(b) Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $1,880 at December 31, 2012.

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) In Thousands, except Share data	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive (Loss) Gain [Member]
Beginning Balance at Dec. 31, 2012	$ 449,848	$ 827	$ 456,923	$ (6,648)	$ (1,254)
Beginning Balance, shares at Dec. 31, 2012		82,737,008
Equity-based compensation	2,222	1	2,221
Equity-based compensation, shares		74,561
Unrealized gain (loss) on derivatives, net of tax	2,580				2,580
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs	245,441	100	245,341
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs, shares		10,000,000
Conversion of common stock into unvested restricted shares		(32)	32
Conversion of common stock into unvested restricted shares, shares		(3,216,719)
Vesting of restricted shares		0	0
Vesting of restricted shares, shares		8,909
Dividend declared to stockholders	(18,072)		(18,072)
Net income (loss)	(56,214)			(56,214)
Ending Balance at Jun. 30, 2013	$ 625,805	$ 896	$ 686,445	$ (62,862)	$ 1,326
Ending Balance, shares at Jun. 30, 2013		89,603,759

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 93,936	$ 45,675
Accounts receivable, net	59,913	41,149
Inventories	46,151	36,587
Prepaid expenses and other current assets	16,298	17,817
Deferred tax assets, net	6,265	17,405
Total current assets	222,563	158,633
Property and equipment, at cost	2,428,792	2,343,561
Accumulated depreciation	(642,278)	(568,918)
Property and equipment, net	1,786,514	1,774,643
Goodwill	335,610	335,610
Trade names, net	164,058	164,608
Other intangible assets, net	29,502	31,120
Deferred tax assets, net	49,547	6,356
Other assets	45,153	50,082
Total assets	2,632,947	2,521,052
Current liabilities:
Accounts payable	142,554	89,946
Current maturities on long-term debt	14,050	21,330
Accrued salaries, wages and benefits	24,589	33,088
Deferred revenue	150,002	82,567
Other accrued expenses	23,311	19,350
Total current liabilities	354,506	246,281
Long-term debt	1,631,829	1,802,644
Other liabilities	20,807	22,279
Total liabilities	2,007,142	2,071,204
Commitments and contingencies (Note 10)
Stockholders' Equity:
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at June 30, 2013 and December 31, 2012
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; issued and outstanding, 89,603,759 and 82,737,008 shares at June 30, 2013 and December 31, 2012, respectively	896	827
Additional paid-in capital	686,445	456,923
Accumulated other comprehensive gain (loss)	1,326	(1,254)
Accumulated deficit	(62,862)	(6,648)
Total stockholders' equity	625,805	449,848
Total liabilities and stockholders' equity	$ 2,632,947	$ 2,521,052

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(Loss) Earnings Per Share - Additional Information (Detail) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Dilutive shares excluded from calculation of diluted loss per share	622	699	774

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt as of June 30, 2013 and December 31, 2012 consisted of the following:

	June 30, 2013			December 31, 2012
Term Loan A	$	—		$	152,000
Term Loan B		—			1,293,774
Term B-2 Loans		1,405,000			—
Revolving credit agreement		—			—
Senior Notes		260,000			400,000
Total long-term debt		1,665,000			1,845,774
Less discounts		(19,121	)		(21,800	)
Less current maturities		(14,050	)		(21,330	)
Total long-term debt, net of current maturities	$	1,631,829		$	1,802,644

Summary of Long-Term Debt Repayable

Long-term debt at June 30, 2013, is repayable as follows, not including any possible prepayments:

Years Ending December 31,
2013	$	7,025
2014		14,050
2015		14,050
2016		274,050
2017		14,050
Thereafter		1,341,775
Total	$	1,665,000

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Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Time-Vesting Units and Time Restricted shares) (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013
Units Surrendered For Shares Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	4,165,861
Employee Unit Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TVUs surrendered for unvested Time Restricted shares of stock (in units)	(698,533)
Employee Unit Incentive Plan [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TVUs surrendered for unvested Time Restricted shares of stock (in units)	(103,913)
Time Restricted Shares [Member] | Units Surrendered For Shares Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value (in USD)	$ 4.38
Forfeited
Weighted average fair value of outstanding unvested shares of stock, Ending balance (in USD)	$ 4.38
Outstanding unvested Time Restricted shares of stock, Weighted Average Remaining Contractual Term	25 months
Time Restricted Shares [Member] | Units Surrendered For Shares Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares	(8,909)
Forfeited
Outstanding Unvested shares	590,306
Time Restricted Shares [Member] | Units Surrendered For Shares Plan [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value (in USD)	$ 4.38
Time Restricted Shares [Member] | Units Surrendered For Shares Plan [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Surrender of units to shares of stock (in shares)	599,215
TVUs [Member] | Units Surrendered For Shares Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding units, beginning balance	112,701
Vested units	(8,788)
Weighted average fair value of outstanding unvested Units	$ 21.70
Weighted average fair value (in USD)	$ 22.71

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Fair Value Measurements - Schedule of Liabilities Measured at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Assets:
Derivative financial instruments	$ 2,096
Liabilities:
Letters of Credit		11,569
Long-term obligations	1,670,751	1,862,091
Derivative financial instruments		1,880
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets:
Derivative financial instruments
Liabilities:
Letters of Credit
Long-term obligations
Derivative financial instruments
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Derivative financial instruments	2,096
Liabilities:
Letters of Credit		11,569
Long-term obligations	1,405,000	1,445,774
Derivative financial instruments		1,880
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Derivative financial instruments
Liabilities:
Letters of Credit
Long-term obligations	265,751	416,317
Derivative financial instruments

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Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013 Interest Rate Swaps [Member] Swap	May 31, 2013 Interest Rate Swaps [Member] Swap	Aug. 23, 2012 Interest Rate Swaps [Member] Swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount interest rate swap			$ 550,000	$ 550,000	$ 550,000
Number of outstanding interest rate derivatives			2	2	2
Reclassified as an increase to interest expense		1,567
Tax on unrealized gain on derivatives	1,378	1,416
Termination value of derivatives in net asset position	$ 2,191	$ 2,191

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Derivative Instruments and Hedging Activities - Fair Value of the Company's Derivative Financial Instruments Classification on Unaudited Condensed Consolidated Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 2,096
Other Assets [Member] | Interest Rate Swaps [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	2,096
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value
Other Liabilities [Member] | Interest Rate Swaps [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings.

As of June 30, 2013 and December 31, 2012, the Company did not have any derivatives outstanding that were not designated in hedge accounting relationships.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the three and six months ended June 30, 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of June 30, 2013, the Company had two outstanding interest rate swaps with a combined notional of $550,000 that were designated as cash flow hedges of interest rate risk. In connection with Amendment No. 5 to the Senior Secured Credit Facility on May 14, 2013, the Company restructured the interest rate swaps to match the refinanced debt. The restructuring of the interest rate swap required a re-designation of the hedge accounting relationship. The re-designation is expected to result in the recognition of a minimal amount of ineffectiveness throughout the remaining term of the interest rate swaps.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and six months ended June 30, 2013, there was no ineffective portion recognized in earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $1,567 will be reclassified as an increase to interest expense.

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheet as of June 30, 2013:

	Asset Derivatives As of June 30, 2013			Liability Derivatives As of June 30, 2013
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	2,096	Other liabilities	$	—
Total derivatives designated as hedging instruments		$	2,096		$	—

The unrealized gain on derivatives is recorded net of $1,378 and $1,416 in taxes for the three and six months ended June 30, 2013, respectively, and is included within the unaudited condensed consolidated statements of operations and comprehensive income (loss).

Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income (Loss)

The table below presents the pre-tax effect of the Company’s derivative financial instruments on the unaudited condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2013:

	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013
Derivatives in Cash Flow Hedging Relationships:
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income	$	4,046		$	4,718
Loss related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense	$	(382	)	$	(722	)
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense)	$	—		$	—

Credit Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

As of June 30, 2013, the termination value of derivatives in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $2,191. As of June 30, 2013, the Company has posted no collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2013, it could have been required to settle its obligations under the agreements at their termination value of $2,191.

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Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Effective tax rate	34.70%	39.70%	36.60%	40.10%

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Equity-Based Compensation - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended			6 Months Ended					1 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended					3 Months Ended		6 Months Ended			6 Months Ended			6 Months Ended				6 Months Ended						3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013 Initial Public Offering [Member]	Apr. 24, 2013 Initial Public Offering [Member]	Jun. 30, 2013 Employee Unit Incentive Plan [Member]	Jun. 30, 2013 Employee Unit Incentive Plan [Member] Minimum [Member]	Jun. 30, 2013 Employee Unit Incentive Plan [Member] Maximum [Member]	Jun. 30, 2013 Employee Unit Plan and 2013 Grants [Member] Tranches	Jun. 30, 2013 Units Surrendered For Shares Plan [Member]	Apr. 19, 2013 2013 Omni Bus Incentive Plan [Member]	Jun. 30, 2013 2013 Omni Bus Incentive Plan [Member]	Jun. 30, 2013 2013 Grant [Member]	Jun. 30, 2013 2013 Grant [Member]	Jun. 30, 2013 TVUs [Member]	Jun. 30, 2013 TVUs [Member] Minimum [Member]	Jun. 30, 2013 TVUs [Member] Employee Unit Incentive Plan [Member]	Jun. 30, 2013 TVUs [Member] Units Surrendered For Shares Plan [Member]	Jun. 30, 2013 Time Vesting Units And Time Restricted Shares [Member]	Jun. 30, 2012 Time Vesting Units And Time Restricted Shares [Member]	Jun. 30, 2013 Time Vesting Units And Time Restricted Shares [Member]	Jun. 30, 2012 Time Vesting Units And Time Restricted Shares [Member]	Jun. 30, 2013 Unvested Time Restricted Shares [Member]	Jun. 30, 2013 Time Restricted Shares [Member]	Jun. 30, 2013 Time Restricted Shares [Member] After Lock Up Period [Member] 2013 Grant [Member]	Jun. 30, 2013 Time Restricted Shares [Member] Over Remaining Service Period [Member] 2013 Grant [Member]	Jun. 30, 2013 2.25x PVU Employee Units [Member]	Jun. 30, 2013 2.75x PVU Employee Units [Member]	Jun. 30, 2013 2.25x Performance Restricted Shares [Member] 2013 Grant [Member]	Jun. 30, 2013 2.75x Performance Restricted Shares [Member] 2013 Grant [Member]	Jun. 30, 2013 Common Stock [Member] Units Surrendered For Shares Plan [Member]	Jun. 30, 2013 Vested And Unvested Time Vesting Units, Performance Vesting Units Surrendered for Shares Of Stock And Unvested Restricted Stock [Member] Employee Unit Incentive Plan [Member]	Jun. 30, 2013 Class D Units and vested TVUs surrendered for shares of stock [Member] Employee Unit Incentive Plan [Member]	Jun. 30, 2013 Class D Units and vested TVUs surrendered for shares of stock [Member] Common Stock [Member] Units Surrendered For Shares Plan [Member]	Jun. 30, 2013 Unvested TVUs and PVUs surrendered for shares of unvested restricted stock [Member] Employee Unit Incentive Plan [Member]	Jun. 30, 2013 Unvested TVUs and PVUs surrendered for shares of unvested restricted stock [Member] Common Stock [Member] Units Surrendered For Shares Plan [Member]	Jun. 30, 2013 Vested Time Vesting Units Surrendered For Shares Of Stock [Member]	Jun. 30, 2013 Vested Time Vesting Units Surrendered For Shares Of Stock [Member] Employee Unit Incentive Plan [Member]	Jun. 30, 2013 Vested Time Vesting Units Surrendered For Shares Of Stock [Member] Common Stock [Member] Units Surrendered For Shares Plan [Member]	Jun. 30, 2013 Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member]	Jun. 30, 2013 Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] Employee Unit Incentive Plan [Member]	Jun. 30, 2013 Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] Common Stock [Member] Time Restricted Shares [Member] Units Surrendered For Shares Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Unit Incentive Plan terms				Under the Employee Unit Plan, the Partnerships granted Employee Units to certain key employees of SEA (“Employee Units). The Employee Units which were granted were accounted for as equity awards and were divided into three tranches, Time-Vesting Units (“TVUs”), 2.25x Performance Vesting Units (“PVUs”) and 2.75x PVUs. Upon vesting of the Employee Units, the Company issued the corresponding number of shares of common stock of the Company to the Partnerships. There was no related cost to the employee upon vesting of the units
Number of tranches for each equity award							3
Surrender of units to shares of stock (in units)				698,533																										669,293	150,446		548,087			121,206			103,913
Shares provided for surrender of units, in shares																													4,165,861			949,142		3,216,719			727,852			599,215
Portion of employee units originally granted that were TVUs															One-third
Vesting period of Employee Units granted, years															5 years
Vesting percentage per year															20.00%
Percentage interest a general partner or beneficial owner other than Blackstone needs to obtain more of														50.00%
Percentage of vesting upon change of control													100.00%
Incremental equity compensation cost																																			$ 282			$ 220
Recognized compensation expense											1,291						611	300	931	567
Unrecognized compensation cost																					$ 2,295		$ 1,914	$ 2,424			$ 4,974	$ 3,764
Remaining vesting term of unvested TVUs																						2 years
Annualized effective compounded return rate																									20.00%	15.00%
Employee Unit fair value input discount rate				10.50%
Fair value assumptions, holding period					2 years 7 months 6 days	3 years 7 months 6 days				2 years						2 years
Fair value assumptions, risk free rate					0.33%	1.22%		0.24%				0.24%
Fair value assumptions, volatility					49.00%	57.00%						33.20%				37.60%
Fair value assumptions, discount for lack of marketability					31.00%	53.00%
Fair value assumptions, dividend yield				0.00%												0.00%
Shares of common stock issued through initial public offering, per share		$ 27.00	$ 27.00
Common stock reserved for future issuance									15,000,000
Restricted stock granted to directors, officers and employees									494,557
Initial public offering lock up period	180 days
Grant date fair value measuring method												The grant date fair value of the 2.25x and 2.75x Performance Restricted 2013 shares was measured using the asset-or-nothing option pricing model.
Shares available for future issuance										14,505,443

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. COMMITMENTS AND CONTINGENCIES

The Company is a party to various claims and legal proceedings arising in the normal course of business. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating, and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if such amount or range can be determined. Management does not expect any known claims or legal proceedings to have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows.

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Long-Term Debt

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Long-Term Debt

6. LONG-TERM DEBT

Long-term debt as of June 30, 2013 and December 31, 2012 consisted of the following:

	June 30, 2013			December 31, 2012
Term Loan A	$	—		$	152,000
Term Loan B		—			1,293,774
Term B-2 Loans		1,405,000			—
Revolving credit agreement		—			—
Senior Notes		260,000			400,000
Total long-term debt		1,665,000			1,845,774
Less discounts		(19,121	)		(21,800	)
Less current maturities		(14,050	)		(21,330	)
Total long-term debt, net of current maturities	$	1,631,829		$	1,802,644

In conjunction with the Company’s initial public offering completed on April 24, 2013, the Company used $37,000 of the net proceeds received from the offering to repay a portion of the outstanding indebtedness under the then existing Term Loan B and $140,000 to redeem a portion of its Senior Notes at a redemption price of 111.0%, plus accrued and unpaid interest thereon. The redemption premium of $15,400 along with a write-off approximately $5,500 in related discounts and deferred financing costs is included in loss on early extinguishment of debt and write-off of discounts and deferred financing costs on the Company’s unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2013. See further discussion in Note 12-Stockholders’ Equity.

Senior Secured Credit Facilities

On March 30, 2012, April 5, 2013 and May 14, 2013, SEA entered into Amendments No. 3, 4 and 5, respectively, of the senior secured credit facilities (the “Senior Secured Credit Facilities”).

Amendment No. 3 increased the amount of Term B Loans (“Additional Term B Loans”) by $500,000 for the purposes of financing a dividend payment to the stockholders in the same amount during the three months ended March 31, 2012. The Additional Term B Loans were issued at a discount which was being amortized to interest expense using the weighted average interest method.

Amendment No. 4 amended the terms of the existing Senior Secured Credit Facilities to, among other things, permit SEA to pay certain distributions following an initial public offering and replaced the then existing $172,500 senior secured revolving credit facility with a new $192,500 senior secured revolving credit facility. The new senior secured revolving credit facility will mature on the earlier of (a) April 24, 2018 or (b) the 91st day prior to the earlier of (1) the maturity date with respect to Term A Loans with an aggregate principal amount greater than $50,000 outstanding, (2) the maturity date with respect to the Term B Loans with an aggregate principal amount greater than $150,000 outstanding, (3) the maturity date of Senior Notes (also referred to as “Mezzanine Debt”) with an aggregate principal amount greater than $50,000 outstanding and (4) the maturity date of any indebtedness incurred to refinance any of the Term A or Term B Loans or the Mezzanine Debt.

Amendment No. 5 amended the terms of the existing Senior Secured Credit Facilities to, among other things, refinance Term Loan A and Term Loan B into new Term B-2 Loans, extend the final maturity date of the term loan facilities, reduce future principal and interest payments, and provide for additional future borrowings.

The Term B-2 Loans were borrowed in an aggregate principal amount of $1,405,000. Borrowings under the Term B-2 Loans bear interest, at SEA’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the higher of (1) the Bank of America’s prime lending rate and (2) the federal funds effective rate plus 1/2 of 1% or (b) a LIBOR rate determined by reference to the British Bankers Association (“BBA”) LIBOR rate for the interest period relevant to such borrowing. The margin for the Term B-2 Loans is 1.25%, in the case of base rate loans, and 2.25%, in the case of LIBOR rate loans, subject to a base rate floor of 1.75% and a LIBOR floor of 0.75%. The applicable margin for the Term B-2 Loans (under either a base rate or LIBOR rate) is subject to one 25 basis point step-down upon achievement by SEA of a certain leverage ratio. At June 30, 2013, the Company selected the LIBOR rate (interest rate of 3.00% at June 30, 2013).

Term B-2 Loans will amortize in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term B-2 Loans on the Amendment No. 5 effective date, with the first payment being due on September 30, 2013 and the balance due on the final maturity date. The Term B-2 Loans have a final maturity date of May 14, 2020. Amendment No. 5 also permits SEA to add one or more incremental term loan facilities to the Senior Secured Credit Facilities and/or increase commitments under the Revolving Credit Facility in an aggregate principal amount of up to $350,000. SEA may also incur additional incremental term loans provided that, among other things, on a pro forma basis after giving effect to the incurrence of such incremental term loans, the first lien secured net leverage ratio, as defined in the Senior Secured Credit Facility, is no greater than 3.50 to 1.00.

As a result of Amendment No. 5, approximately $11,500 of debt issuance costs were written off and included as loss on early extinguishment of debt and write-off of discounts and deferred financing costs on the Company’s unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2013. As a result of Amendments No. 4 and 5, the Company capitalized fees totaling approximately $14,000. Deferred financing costs, net of accumulated amortization, were $36,272 and $44,103 as of June 30, 2013 and December 31, 2012, respectively, are being amortized to interest expense using the weighted average interest method and are included in other assets in the accompanying unaudited condensed consolidated balance sheets.

SEA had no amounts outstanding at June 30, 2013 and December 31, 2012, relating to the Revolving Credit Facility. As of June 30, 2013, the Company had approximately $18,500 of outstanding letters of credit.

On August 9, 2013, SEA entered into Amendment No. 6 of the Senior Secured Credit Facilities. Amendment No. 6 amends the calculation of the Company’s covenant EBITDA to allow the add back of the $46,300 termination fee paid in connection with the termination of the advisory agreement between the Company and affiliates of Blackstone. See Note 9-Related-Party Transactions for further discussion.

Senior Notes

In conjunction with the execution of Amendment No. 3 to the Senior Secured Credit Facilities, SEA also entered into the Second Supplemental Indenture (the “Second Supplemental Indenture”) dated March 30, 2012 relating to the Senior Notes. Among other matters, the Second Supplemental Indenture granted waivers to allow SEA to issue the additional $500,000 of Term B Loans to fund the dividend payment discussed above and decreased the interest rate on the Senior Notes from 13.5% per annum to 11% per annum. SEA can redeem the Senior Notes at any time and the Senior Notes are unsecured. Interest is paid semi-annually in arrears. Until December 1, 2014, and in the case of an Equity Offering (as defined in the indenture), SEA may redeem up to 35% of the Senior Notes at a price of 111% of the principal amount of the Senior Notes redeemed plus accrued interest using the net cash proceeds from an Equity Offering. Prior to December 1, 2014, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount of the Senior Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date, subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date. The “Applicable Premium” is defined as the greater of (1) 1.0% of the principal amount of the Senior Notes and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Senior Notes at December 1, 2014 plus (ii) all required interest payments due on the Senior Notes through December 1, 2014 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal amount of the Senior Notes. On or after December 1, 2014, the Senior Notes may be redeemed at 105.5% and 102.75% of the principal balance beginning on December 1, 2014 and 2015, respectively. The Second Supplemental Indenture also increased the minimum covenant leverage ratio from 2.75 to 1.00 to 3.00 to 1.00.

In conjunction with the execution of Amendment No. 4 to the Senior Secured Credit Facilities, SEA also entered into the Fourth Supplemental Indenture, dated April 5, 2013 (the “Fourth Supplemental Indenture”). The Fourth Supplemental Indenture increased by $20,000 the amount of debt that the Company can incur and have outstanding at one time under the Senior Secured Credit Facilities and amended the transactions with affiliates covenant to allow for the payment of a termination fee, not to exceed $50,000, in connection with the termination of the advisory agreement between the Company and affiliates of Blackstone (see Note 9-Related-Party Transactions).

Interest Rate Swap Agreements

On August 23, 2012, SEA executed two interest rate swap agreements (the “Interest Rate Swap Agreements”) to effectively fix the interest rate on $550,000 of the Term B Loans. Each interest rate swap had a notional amount of $275,000; was scheduled to mature on September 30, 2016; required the Company to pay a fixed rate of interest of 1.247% per annum; paid swap counterparties a variable rate of interest based upon three month BBA LIBOR; and had interest settlement dates occurring on the last day of December, March, June and September through maturity. SEA had designated such interest rate swap agreements as qualifying cash flow hedge accounting relationships. As a result of Amendment No. 5, in May 2013, the Interest Rate Swap Agreements were restructured into two interest rate swaps totaling $550,000 to match the refinanced debt. Each restructured interest rate swap has a notional amount of $275,000; matures on September 30, 2016; requires the Company to pay a fixed rate of interest between 1.049% and 1.051% per annum; pays swap counterparties a variable rate of interest based upon the greater of three month BBA LIBOR; and has interest settlement dates occurring on the last day of December, March, June and September through maturity. SEA designated such interest rate swap agreements as qualifying cash flow hedge accounting relationships as further discussed in Note 7-Derivative Instruments and Hedging Activities which follows.

Cash paid for interest relating to the Senior Secured Credit Facilities, the Senior Notes, and the Interest Rate Swap Agreements was $47,881 and $51,175 for the six month period ending June 30, 2013 and 2012, respectively.

Long-term debt at June 30, 2013, is repayable as follows, not including any possible prepayments:

Years Ending December 31,
2013	$	7,025
2014		14,050
2015		14,050
2016		274,050
2017		14,050
Thereafter		1,341,775
Total	$	1,665,000

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Description of the Business and Basis of Presentation

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Description of the Business and Basis of Presentation

1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Description of the Business

SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates eleven theme parks within the United States. The Company is majority owned by ten limited partnerships (the “Partnerships”), ultimately controlled by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. On April 24, 2013, the Company completed an initial public offering in which it sold 10,000,000 shares of common stock and the selling shareholders of the Company sold 19,900,000 shares of common stock, including 3,900,000 shares pursuant to the exercise in full of the underwriters’ over-allotment option. The offering generated net proceeds of approximately $245,400 to the Company after deducting underwriting discounts, expenses and transaction costs. The Company did not receive any proceeds from shares sold by the selling shareholders. See further discussion in Note 12-Stockholders Equity.

The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; and San Diego, California, and Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Diego, California (Aquatica), Tampa, Florida (Adventure Island), and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only attraction offering interaction with marine animals (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2012 included in the Company’s prospectus as filed with the SEC on April 18, 2013, pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). The unaudited condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements at that date.

In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2013 or any future period due to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year.

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates.

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Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2013 Omni Bus Incentive Plan) (Detail) (2013 Omni Bus Incentive Plan [Member], USD $)	6 Months Ended
	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning balance
Shares Granted:
Vested
Forfeited
Outstanding shares, ending balance	494,557
Weighted average fair value of outstanding unvested Units
Shares Granted:
Vested
Forfeited
Weighted average fair value of outstanding unvested shares of stock, Ending balance (in USD)	$ 29.05
2.25x Performance Restricted Shares [Member]
Shares Granted:
Granted	163,310
Shares Granted:
Granted	$ 30.46
2.75x Performance Restricted Shares [Member]
Shares Granted:
Granted	163,310
Shares Granted:
Granted	$ 23.05
After Lock Up Period [Member] | Time Restricted Shares [Member]
Shares Granted:
Granted	85,647
Shares Granted:
Granted	$ 33.52
Shares Granted:
Time Restricted 2013 shares vesting period	6 months
Over Remaining Service Period [Member] | Time Restricted Shares [Member]
Shares Granted:
Granted	82,290
Shares Granted:
Granted	$ 33.52
Shares Granted:
Time Restricted 2013 shares vesting period	25 months

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Long-Term Debt - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	1 Months Ended	6 Months Ended			1 Months Ended													1 Months Ended	3 Months Ended			1 Months Ended		1 Months Ended						1 Months Ended	3 Months Ended	6 Months Ended				6 Months Ended				6 Months Ended
	May 14, 2013	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	May 31, 2013 Interest Rate Swaps [Member] Swap	Aug. 23, 2012 Interest Rate Swaps [Member] Swap	Jun. 30, 2013 Interest Rate Swaps [Member] Swap	May 13, 2013 Interest Rate Swaps [Member] Minimum [Member]	May 13, 2013 Interest Rate Swaps [Member] Maximum [Member]	May 31, 2013 Interest Rate Swap One [Member]	Aug. 23, 2012 Interest Rate Swap One [Member]	May 31, 2013 Interest Rate Swap Two [Member]	Aug. 23, 2012 Interest Rate Swap Two [Member]	Jun. 30, 2013 Blackstone and Affiliates [Member]	Apr. 24, 2013 Blackstone and Affiliates [Member]	Apr. 05, 2013 Revolving Credit Agreement [Member]	Apr. 04, 2013 Revolving Credit Agreement [Member]	Apr. 24, 2013 Term Loan B [Member]	Mar. 30, 2012 Term Loan B [Member]	Apr. 05, 2013 Term Loan B [Member]	Dec. 31, 2012 Term Loan B [Member]	May 14, 2013 Term B-2 Loans [Member]	Jun. 30, 2013 Term B-2 Loans [Member]	May 14, 2013 Term B-2 Loans [Member] Federal Funds Rate [Member]	May 14, 2013 Term B-2 Loans [Member] Base Rate Loan [Member]	May 14, 2013 Term B-2 Loans [Member] LIBOR Rate Loan [Member]	Apr. 05, 2013 Revolving Credit Agreement [Member]	Jun. 30, 2013 Revolving Credit Agreement [Member]	Dec. 31, 2012 Revolving Credit Agreement [Member]	Apr. 24, 2013 Senior Notes [Member]	Jun. 30, 2013 Senior Notes [Member]	Jun. 30, 2013 Senior Notes [Member]	Apr. 05, 2013 Senior Notes [Member]	Dec. 31, 2012 Senior Notes [Member]	Mar. 30, 2012 Senior Notes [Member]	Jun. 30, 2013 Senior Notes [Member] Prior to December 1, 2014 [Member]	Jun. 30, 2013 Senior Notes [Member] Prior to December 1, 2014 [Member] Equity Offering [Member]	Jun. 30, 2013 Senior Notes [Member] On or After December 1, 2014 [Member]	Jun. 30, 2013 Senior Notes [Member] On or After December 1, 2015 [Member]	Jun. 30, 2013 Second Supplemental Indenture [Member]	Jun. 30, 2013 Second Supplemental Indenture [Member] Revised [Member]	Apr. 05, 2013 Term Loan A [Member]	Dec. 31, 2012 Term Loan A [Member]	Apr. 05, 2013 Fourth Supplemental Indenture [Member]
Debt Instrument [Line Items]
Repayment of portion of Term Loan B																		$ 37,000
Repayment of Senior Notes																														140,000
Redemption price for Senior Notes																														111.00%						100.00%	111.00%	105.50%	102.75%
Redemption premium included in early extinguishment of debt																															15,400	15,400
Write-off of discounts and deferred financing costs																																5,500
Proceeds from issuance of debt		1,455	487,163																500,000
Senior secured revolving credit facility existing																192,500	172,500
Number of days used to calculate maturity																											91 days
Aggregate principal amount at maturity																				150,000													50,000									50,000
Senior secured revolving credit facility maturity date																											The new senior secured revolving credit facility will mature on the earlier of (a) April 24, 2018 or (b) the 91st day prior to the earlier of (1) the maturity date with respect to Term A Loans with an aggregate principal amount greater than $50,000 outstanding, (2) the maturity date with respect to the Term B Loans with an aggregate principal amount greater than $150,000 outstanding, (3) the maturity date of Senior Notes (also referred to as “Mezzanine Debt”) with an aggregate principal amount greater than $50,000 outstanding and (4) the maturity date of any indebtedness incurred to refinance any of the Term A or Term B Loans or the Mezzanine Debt.
Aggregate principal amount of debt instrument																						1,405,000
Interest rate, description																						Borrowings under the Term B-2 Loans bear interest, at SEA's option, at a rate equal to a margin over either (a) a base rate determined by reference to the higher of (1) the Bank of America's prime lending rate and (2) the federal funds effective rate plus 1/2 of 1% or (b) a LIBOR rate determined by reference to the British Bankers Association ("BBA") LIBOR rate for the interest period relevant to such borrowing
Margin for Term Loans																								0.50%	1.25%	2.25%
Floor rate																									1.75%	0.75%
Basis point step-down in applicable margin																						The applicable margin for the Term B-2 Loans (under either a base rate or LIBOR rate) is subject to one 25 basis point step-down upon achievement by SEA of a certain leverage ratio.
Basis point step down on applicable margin upon achievement of certain leverage ratio																						25
LIBOR interest rate		3.00%
Revolving Credit Facility in aggregate principal amount	350,000
Percent of original principal amount on effective date used to calculate aggregate annual amount which will amortize in equal quarterly installments																						1.00%
Term loan maturity date																						May 14, 2020
Maximum first lien secured net leverage ratio	3.50
Written off of debt issuance cost	11,500
Capitalized fees		13,961	7,024
Deferred financing costs, net of accumulated amortization		36,272		44,103
Amounts of outstanding long-term debt (In USD)		1,665,000		1,845,774																	1,293,774		1,405,000								260,000	260,000		400,000									152,000
Outstanding letters of credit (In USD)		18,500
Termination fee paid														46,300	46,300
Debt instrument interest rate																															11.00%	11.00%			13.50%
Senior Notes redemption percentage																																					35.00%
Percent of Senior Notes principle amount used to calculate applicable premium																																				1.00%
Redemption of Senior Notes description																																Prior to December 1, 2014, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount of the Senior Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date, subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date. The “Applicable Premium” is defined as the greater of (1) 1.0% of the principal amount of the Senior Notes and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Senior Notes at December 1, 2014 plus (ii) all required interest payments due on the Senior Notes through December 1, 2014 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal amount of the Senior Notes.
Basis points over the principal balance of the Senior Notes																																				50
Debt instrument covenant leverage ratio																																The Second Supplemental Indenture also increased the minimum covenant leverage ratio from 2.75 to 1.00 to 3.00 to 1.00.
Minimum covenant leverage ratio																																								2.75	3.00
Increase in debt																																												20,000
Maximum termination fee payment allowed for the Advisory Agreement termination																																												50,000
Number of interest rate swap held					2	2	2
Notional amount of Interest rate swap					550,000	550,000	550,000			275,000	275,000	275,000	275,000
Maturity of interest rate swap					Sep. 30, 2016	Sep. 30, 2016
Fixed rate of interest on swaps						1.247%		1.049%	1.051%
Cash paid for interest		$ 47,881	$ 51,175

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Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

13. SUBSEQUENT EVENTS

In connection with the preparation of the unaudited condensed consolidated financial statements, the Company evaluated subsequent events after the condensed consolidated balance sheet date through the date the unaudited condensed consolidated financial statements were issued, to determine whether any events occurred that required recognition or disclosure in the accompanying unaudited condensed consolidated financial statements. The Company believes there are no additional events which require disclosure.

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Related-Party Transactions

6 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

Related-Party Transactions

9. RELATED-PARTY TRANSACTIONS

Certain affiliates of Blackstone provided monitoring, advisory, and consulting services to the Company under an advisory fee agreement (the “2009 Advisory Agreement”), which was terminated on April 24, 2013 in connection with the completion of the initial public offering (see Note 12 – Stockholders’ Equity). Fees related to these services, which were based upon a multiple of EBITDA as defined in the 2009 Advisory Agreement, amounted to $1,874 and $2,799 for the three and six months ended June 30, 2013, respectively, and $1,999 and $2,811 for the three and six months ended June 30, 2012, respectively. These amounts are included in selling, general, and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss).

In connection with the completion of the initial public offering on April 24, 2013 (see Note 12 – Stockholders’ Equity), the 2009 Advisory Agreement between the Company and affiliates of Blackstone was terminated (except for provisions relating to indemnification and certain other provisions, which survived termination). In connection with such termination, the Company paid a termination fee of $46,300 to Blackstone with a portion of the net proceeds from the offering and wrote-off $3,772 of the 2013 prepaid advisory fee. The combined expense of $50,072 is recorded as termination of advisory agreement in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss).

On March 30, 2012, the Company declared and paid a $500,000 cash dividend to its stockholders. In June 2013, the Company’s Board of Directors declared a cash dividend of $0.20 per share payable on July 1, 2013 to all common stockholders of record at the close of business on June 20, 2013. In connection with the dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $500,000 and $11,749 on March 30, 2012 and July 1, 2013, respectively.

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Other Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2013

Payables And Accruals [Abstract]

Schedule of Other Accrued Expenses

Other accrued expenses at June 30, 2013 and December 31, 2012, consisted of the following:

	June 30, 2013		December 31, 2012
Accrued property taxes	$	7,065	$	1,974
Accrued interest		2,894		3,877
Note payable		3,000		3,000
Self-insurance reserve		7,800		7,800
Other		2,552		2,699
Total other accrued expenses	$	23,311	$	19,350

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Description of the Business and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2012 included in the Company’s prospectus as filed with the SEC on April 18, 2013, pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). The unaudited condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements at that date.

In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2013 or any future period due to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year.

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification (“ASC”) 220, Comprehensive Income. The amended guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amended guidance does not change the current requirements for reporting net income or other comprehensive income. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a significant impact on the Company’s condensed consolidated financial statements.

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Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Aug. 12, 2013
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Trading Symbol	SEAS
Entity Registrant Name	SeaWorld Entertainment, Inc.
Entity Central Index Key	0001564902
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		93,306,126

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(Loss) Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Schedule of (Loss) Earnings Per Share

(Loss) earnings per share is computed as follows (in thousands, except per share data):

	Three Months Ended June 30,														Six Months Ended June 30,
	2013								2012						2013								2012
	Net (Loss)			Shares		Per Share Amount			Net Income		Shares		Per Share Amount		Net (Loss)			Shares		Per Share Amount			Net (Loss)			Shares		Per Share Amount
Basic (loss) earnings per share	$	(15,854	)		88,222	$	(0.18	)	$	39,120		82,448	$	0.47	$	(56,214	)		85,510	$	(0.66	)	$	(6,014	)		82,436	$	(0.07	)
Effect of dilutive incentive-based awards					—							792							—								—
Diluted (loss) earnings per share	$	(15,854	)		88,222	$	(0.18	)	$	39,120		83,240	$	0.47	$	(56,214	)		85,510	$	(0.66	)	$	(6,014	)		82,436	$	(0.07	)