Related-Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Related-Party Transactions

9. RELATED-PARTY TRANSACTIONS

ZHG Agreements

In connection with the Sale, which closed on May 8, 2017, Sellers have agreed to reimburse the Company up to $4,000 for certain costs and expenses incurred by the Company.  As a result, the Company has recorded a receivable from Seller for $3,800 which is included in prepaid expenses and other current assets, in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2017.  

On March 24, 2017 the Company entered into the ZHG Agreements with Zhonghong Holding, an affiliate of ZHG Group.  In exchange for providing services under the ZHG Agreements, the Company is expected to receive fees as well as a travel stipend per year through 2019.  The Company recognizes revenue under the ZHG Agreements on a straight-line basis over the contractual term of the agreements.  Due to the effective date of the ZHG Agreements, related revenue during the three months ended March 31, 2017 was not material. See further discussion regarding the Sale in Note 1–Description of the Business and Basis of Presentation and Note 12–Stockholders’ Equity.

Debt and Interest Payments

On March 31, 2017, SEA entered into a refinancing amendment, Amendment No. 8 (the “Amendment”), to its existing Senior Secured Credit Facilities. As of March 31, 2017, approximately $8,800 aggregate principal amount of the remaining Term B-2 Loans were owned by affiliates of Blackstone.  As of December 31, 2016, approximately $25,000 aggregate principal amount of Term B-2 Loans were owned by affiliates of Blackstone.  The Company makes voluntary and mandatory principal repayments as well as periodic principal and interest payments on such debt in accordance with its terms from time to time.  See Note 6–Long-Term Debt for further discussion.