0001193125-24-173432.txt : 20240701 0001193125-24-173432.hdr.sgml : 20240701 20240701171532 ACCESSION NUMBER: 0001193125-24-173432 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240701 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Material Modifications to Rights of Security Holders ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240701 DATE AS OF CHANGE: 20240701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CEDAR FAIR L P CENTRAL INDEX KEY: 0000811532 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 341560655 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09444 FILM NUMBER: 241091797 BUSINESS ADDRESS: STREET 1: ONE CEDAR POINT DRIVE CITY: SANDUSKY STATE: OH ZIP: 44870 BUSINESS PHONE: 4196260830 MAIL ADDRESS: STREET 1: ONE CEDAR POINT DRIVE CITY: SANDUSKY STATE: OH ZIP: 44870 8-K 1 d833728d8k.htm 8-K 8-K
CEDAR FAIR L P false 0000811532 0000811532 2024-07-01 2024-07-01

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 1, 2024

 

 

CEDAR FAIR, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-9444   34-1560655
(State or other jurisdiction
of incorporation)
 

(Commission

File Number)

  (IRS Employer
Identification Number)

 

One Cedar Point Drive  
Sandusky, Ohio   44870-5259
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (419) 626-0830

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange

on which registered

Depositary Units (Representing Limited Partner Interests)   FUN   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 2.01.

Completion of Acquisition or Disposition of Assets.

On July 1, 2024 (the “Closing Date”), Cedar Fair, L.P. (the “Partnership”) completed the previously announced merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of November 2, 2023 (the “Merger Agreement”), by and among the Partnership, Six Flags Entertainment Corporation (“Former Six Flags”), CopperSteel HoldCo, Inc. (“HoldCo”), and CopperSteel Merger Sub, LLC (“Copper Merger Sub”). Pursuant to the Merger Agreement, (i) Copper Merger Sub was merged with and into the Partnership (the “Cedar Fair First Merger”), with the Partnership continuing as the surviving entity (the “Cedar Fair Surviving Entity”) and a direct subsidiary of HoldCo, (ii) the Cedar Fair Surviving Entity was subsequently merged with and into HoldCo (the “Cedar Fair Second Merger” and together with the Cedar Fair First Merger, the “Cedar Fair Mergers”), with HoldCo continuing as the surviving corporation, and (iii) Former Six Flags merged with and into HoldCo (the “Six Flags Merger” and together with the Cedar Fair Mergers, the “Mergers”), with HoldCo continuing as the surviving corporation. Upon the consummation of the Mergers, the separate legal existences of Copper Merger Sub, the Partnership and Former Six Flags ceased, and HoldCo changed its name to “Six Flags Entertainment Corporation.” Capitalized terms used herein but not otherwise defined have the meaning set forth in the Merger Agreement.

Upon completion of the Mergers, subject to certain exceptions, (i) each issued and outstanding unit of limited partnership interest in the Partnership, including limited partnership interests underlying depositary units representing limited partnership interests on deposit with the Depositary pursuant to the Deposit Agreement (each, a “Cedar Fair Unit” and collectively, the “Cedar Fair Units”) (excluding (a) units held in the treasury of the Partnership or owned by Cedar Fair Management, Inc., the general partner of the Partnership (the “General Partner”) and (b) any restricted Cedar Fair Units subject to time or service-based vesting conditions, granted under the Cedar Fair 2016 Omnibus Incentive Plan (which equity awards were converted into a number of restricted shares of HoldCo Common Stock based on the Cedar Fair Exchange Ratio, as further described below)), was converted into the right to receive one (1) share of common stock, par value $0.01 per share, of HoldCo (the “HoldCo Common Stock”) (the “Cedar Fair Exchange Ratio”), together with cash in lieu of fractional shares of HoldCo Common Stock, without interest and (ii) each issued and outstanding share of common stock, par value $0.025 per share of Former Six Flags (the “Former Six Flags Common Stock”) (excluding (a) any shares of Former Six Flags Common Stock held in treasury of Former Six Flags and (b) any restricted Former Six Flags Common Stock subject to vesting or other transfer restrictions, granted under the Former Six Flags Long Term Incentive Plan (which equity awards were converted into a number of restricted shares of HoldCo Common Stock based on the Former Six Flags Exchange Ratio, as further described below)) was converted into the right to receive 0.5800 shares of HoldCo Common Stock (the “Former Six Flags Exchange Ratio”), together with cash in lieu of fractional shares of HoldCo Common Stock, without interest.

As previously announced by Former Six Flags, on June 18, 2024, Former Six Flags declared a special dividend (the “Special Dividend”), payable to holders of record of Former Six Flags Common Stock as of the close of business one Business Day prior to the Closing Date, June 28, 2024, who hold their shares through the Closing Date, with a per share amount of $1.53, which is equal to (a) $1.00 plus (b) the product (rounded up to the nearest whole cent) of (i) the Former Six Flags Exchange Ratio and (ii) the aggregate amount of distributions per unit declared or paid by the Partnership with respect to a Cedar Fair Unit with a record date following November 2, 2023 and prior to the Closing Date, after giving effect to appropriate adjustments to reflect the Mergers, which distributions per Cedar Fair Unit were $0.90 in the aggregate. The payment of the Special Dividend is expected to be completed on or about July 8, 2024.

At the time the Cedar Fair First Merger became effective (the “Cedar Fair First Merger Effective Time”), each outstanding Partnership equity award (other than deferred Cedar Fair Units held by non-employee members of the board of directors of the General Partner) was converted into a corresponding award relating to shares of HoldCo Common Stock, with the number of shares of HoldCo Common Stock subject to such converted award based on the Cedar Fair Exchange Ratio. The converted Partnership equity awards remain outstanding and subject to the same terms and conditions applied under applicable plans and award agreements immediately prior to the Cedar Fair First Merger Effective Time, including vesting protections for qualifying terminations that occur within a period of 24 months following the Closing Date. Performance-based Partnership equity awards were converted based on the higher of target performance and actual performance or, in the case of awards related to any performance period that was not in progress as of the Closing Date, were converted based on target performance and will not be subject to future performance-based vesting conditions (but will remain subject to service-based vesting conditions). Any outstanding deferred Cedar Fair Units were settled at the First Cedar Fair Merger Effective Time in either cash or shares of HoldCo Common Stock in accordance with such terms.


The issued and outstanding Special LP Interests immediately prior to the Cedar Fair First Merger Effective Time were converted into the right to receive $5,290,500 in the aggregate (less any Special LP Interest amount paid prior to the Closing Date), without interest, with such aggregate amount payable to such holders thereof pro rata based on the holders’ relative capital accounts, and were automatically canceled, retired and cease to exist.

On the Closing Date, each Former Six Flags equity award was converted into a corresponding award relating to shares of HoldCo Common Stock, with the number of shares of HoldCo Common Stock subject to such converted award based on the Former Six Flags Exchange Ratio. The converted Former Six Flags equity awards remain outstanding and subject to the same terms and conditions as applied under the applicable plans and award agreements immediately prior to the Closing Date (except that (i) performance-based awards were converted based on the greater of target and actual performance and will not be subject to future performance-based vesting conditions (but will remain subject to service-based vesting conditions) and (ii) all converted awards are subject to vesting protections for qualifying terminations that occur within a period of 24 months following the Closing Date). Any outstanding Former Six Flags deferred share units were settled on the Closing Date in shares of HoldCo Common Stock based on the Former Six Flags Exchange Ratio. All Former Six Flags equity awards are eligible for payment of the Special Dividend; provided, that such amount will not be paid until such time as the underlying Former Six Flags equity award, as converted, becomes vested or settled pursuant to its terms (if at all).

The issuance of shares of HoldCo Common Stock in connection with the Mergers, as described above, was registered under the Securities Act of 1933, as amended, pursuant to a Registration Statement on Form S–4 (File No. 333-276255), filed by HoldCo with the Securities and Exchange Commission (the “SEC”) and declared effective on January 31, 2024.

The description of the Merger Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which is filed as Exhibit 2.1 hereto and is incorporated herein by reference. This summary is not intended to modify or supplement any factual disclosures about the Partnership, Former Six Flags or HoldCo, and should not be relied upon as disclosure about the Partnership, Former Six Flags or HoldCo without consideration of the periodic and current reports and statements that the Partnership, Former Six Flags and HoldCo have filed and may file with the SEC. The terms of the Merger Agreement govern the contractual rights and relationships, and allocate risks, among the parties in relation to the transactions contemplated by the Merger Agreement. In particular, the representations and warranties made by the parties to each other in the Merger Agreement reflect negotiations between, and are solely for the benefit of, the parties thereto and may be limited or modified by a variety of factors, including: subsequent events, information included in public filings, disclosures made during negotiations, correspondence between the parties and disclosure schedules to the Merger Agreement. Accordingly, the representations and warranties may not describe the actual state of affairs at the date they were made or at any other time and you should not rely on them as statements of fact.

 

Item 3.01.

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

Prior to the Mergers, Cedar Fair Units were registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and listed on the New York Stock Exchange (the “NYSE”). As a result of the Mergers, on July 1, 2024, the Partnership requested that the NYSE withdraw the Cedar Fair Units from listing on the NYSE and file a Form 25 with the SEC to report that the depositary units of Cedar Fair Units are no longer listed on the NYSE. The depositary units of Cedar Fair Units will be suspended from trading on the NYSE prior to the open of trading on July 2, 2024. Immediately following the consummation of the Mergers, HoldCo was renamed “Six Flags Entertainment Corporation.” Trading of HoldCo Common Stock on the NYSE will begin on July 2, 2024, under the ticker symbol “FUN”. In addition, HoldCo, as successor to the Partnership, will file with the SEC a Form 15 requesting that the reporting obligations of the Partnership under Sections 13 and 15(d) of the Exchange Act be suspended.

The information set forth in Item 2.01 is incorporated by reference herein.


Item 3.03.

Material Modification to Rights of Security Holders.

The information set forth in Item 2.01 is incorporated by reference herein.

As a result of the Mergers, on the Closing Date, holders of Cedar Fair Units ceased to have any rights as unitholders in the Partnership (other than their rights, if any, to receive the Merger Consideration in accordance with the Merger Agreement as described above).

 

Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The information set forth in Item 2.01 is incorporated by reference herein.

On the Closing Date and as a result of the Mergers, Nina Barton, Louis Carr, Michelle McKinney Frymire, Daniel J. Hanrahan, Jennifer Mason, D. Scott Olivet, Carlos A. Ruisanchez and Richard A. Zimmerman resigned as members of the board of directors of the General Partner. None of the foregoing resignations were a result of any disagreement with the Partnership.

Additionally, on the Closing Date and as a result of the Mergers, each of Richard A. Zimmerman (President and Chief Executive Officer), Tim Fisher (Chief Operating Officer), Brian C. Witherow (Executive Vice President and Chief Financial Officer), Brian Nurse (Executive Vice President, Chief Legal and Compliance Officer and Corporate Secretary), David R. Hoffman (Senior Vice President and Chief Accounting Officer) and Monica Sauls (Senior Vice President and Chief Human Resources Officer) ceased to serve as officers of the General Partner.

 

Item 7.01.

Regulation FD Disclosure.

Following the consummation of the Mergers, on July 1, 2024, HoldCo, as the new combined company, issued a press release announcing the completion of the Mergers. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information included in this Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished. As such, the information (including Exhibit 99.1) contained herein shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 8.01.

Other Events

On the Closing Date and in connection with the Mergers, HoldCo, the subsidiaries of Former Six Flags that guarantee indebtedness under the HoldCo credit agreement, dated May 1, 2024, as amended (the “HoldCo Credit Agreement”) (collectively, the “Former Six Flags Subsidiary Guarantors”), Canada’s Wonderland Company (“Canada’s Wonderland”), Magnum Management Corporation (“Magnum Management”), Millennium (together with Canada’s Wonderland and Magnum Management, the “Cedar Fair Co-Issuers”), the other former subsidiaries of Cedar Fair that guarantee indebtedness under the HoldCo Credit Agreement (excluding the Cedar Fair Co-Issuers, collectively, the “Cedar Fair Subsidiary Guarantors” and, together with the Cedar Fair Co-Issuers, the “Cedar Fair Guarantors”) and The Bank of New York Mellon (“BNYM”), as trustee, entered into supplemental indentures (collectively, the “Supplemental Indentures”) to, (i) the indenture, dated as of April 13, 2017 (the “2027 Cedar Fair Indenture”), by and among the Partnership, the Cedar Fair Co-Issuers, each of the guarantors party thereto and BNYM, as trustee, (ii) the indenture, dated as of June 27, 2019 (the “2029 Cedar Fair Indenture”), by and among the Partnership, the Cedar Fair Co-Issuers, each of the guarantors party thereto and BNMY, as trustee, and (iii) the indenture, dated as of October 7, 2020 (the “2028 Cedar Fair Indenture” and, together with the 2027 Cedar Fair Indenture and 2029 Cedar Fair Indenture, the “Cedar Fair Indentures”), by and among the Partnership, the Cedar Fair Co-Issuers, each of the guarantors party thereto and BNYM, as trustee. Pursuant to the Supplemental Indentures, (a) HoldCo assumed all of Cedar Fair’s obligations under the Cedar Fair Indentures and the notes issued thereunder (collectively, the “Cedar Fair Notes”), and (b) each of the Former Six Flags Subsidiary Guarantors agreed to fully and unconditionally guarantee the Cedar Fair Notes.


In addition, on the Closing Date and in connection with the Mergers, (i) HoldCo assumed all of Former Six Flags’ obligations under its 6.625% Senior Secured Notes due 2032 (“2032 Secured Notes”), 7.00% Senior Secured Notes due 2025 (“2025 Secured Notes”), 4.875% Senior Notes due 2024, 5.500% Senior Notes due 2027 and 7.250% Senior Notes due 2031 and the related indentures (the “Former Six Flags Indentures”), (ii) each of the Cedar Fair Subsidiary Guarantors agreed to fully and unconditionally guarantee the notes issued under the Former Six Flags Indentures and (iii) each of the Cedar Fair Co-Issuers became a co-issuer of the 2032 Secured Notes and agreed to fully and unconditionally guarantee each other series of notes issued under the Former Six Flags Indentures, in each case by entering into certain supplemental indentures to the Former Six Flags Indentures.

In connection with the execution of the supplemental indentures for the 2032 Secured Notes and the 2025 Secured Notes, the Cedar Fair Guarantors entered into certain security agreements, pursuant to which the Cedar Fair Guarantors granted a first priority security interest in substantially all of their assets (subject to certain exceptions) to secure the 2032 Secured Notes and the 2025 Secured Notes.

The foregoing summary of the supplemental indentures is not intended to be complete and is qualified in its entirety by reference to the supplemental indentures, copies of which are filed as Exhibits 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7 and 4.8 to this Current Report on Form 8-K and to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024, and are incorporated herein by reference.

 

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits

 

Exhibit

Number

  

Description of Exhibit

 2.1+    Agreement and Plan of Merger, dated as of November 2, 2023, by and among the Partnership, Former Six Flags, HoldCo and CopperSteel Merger Sub, LLC (incorporated by reference to Exhibit 2.1 on the Partnership’s Form 8-K filed with the SEC on November 2, 2023).
 4.1    Fourth Supplemental Indenture, dated as of July 1, 2024, by and among HoldCo, the guarantors party thereto and U.S. Bank National Association, as trustee, to the Indenture, dated as of June 16, 2016 (incorporated by reference to Exhibit 4.1 to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).
 4.2    Fourth Supplemental Indenture, dated as of July 1, 2024, by and among HoldCo, the guarantors party thereto and U.S. Bank National Association, as trustee, to the Indenture, dated as of April 13, 2017 (incorporated by reference to Exhibit 4.2 to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).
 4.3    First Supplemental Indenture, dated as of July 1, 2024, by and among HoldCo, Six Flags Theme Parks Inc., the guarantors party thereto and U.S. Bank National Association, as trustee and collateral agent, to the Indenture, dated as of April 22, 2020 (incorporated by reference to Exhibit 4.3 to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).
 4.4    First Supplemental Indenture, dated as of July 1, 2024, by and among HoldCo, the guarantors party thereto and U.S. Bank National Association, as trustee, to the Indenture, dated as of May 3, 2023 (incorporated by reference to Exhibit 4.4 to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).


 4.5    First Supplemental Indenture, dated as of July 1, 2024, by and among HoldCo, Six Flags Theme Parks Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent, to the Indenture, dated as of May 2, 2024 (incorporated by reference to Exhibit 4.5 to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).
 4.6    Third Supplemental Indenture, dated as of July 1, 2024, by and among HoldCo, Canada’s Wonderland Company, Magnum Management Corporation, Millennium Operations LLC, as issuers, the guarantors named therein and The Bank of New York Mellon, as trustee, to the Indenture, dated as of April 13, 2017, relating to the Cedar Fair 2027 Notes (incorporated by reference to Exhibit 4.6 to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).
 4.7    Third Supplemental Indenture, dated as of July 1, 2024, by and among HoldCo, Canada’s Wonderland Company, Magnum Management Corporation, Millennium Operations LLC, as issuers, the guarantors named therein and The Bank of New York Mellon, as trustee, to the Indenture, dated as of June 27, 2019, relating to the Cedar Fair 2029 Notes (incorporated by reference to Exhibit 4.7 to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).
 4.8    Second Supplemental Indenture, dated as of July 1, 2024, by and among HoldCo, Canada’s Wonderland Company, Magnum Management Corporation, Millennium Operations LLC, as issuers, the guarantors named therein and The Bank of New York Mellon, as trustee, to the Indenture, dated as of October 7, 2020, relating to the Cedar Fair 2028 Notes (incorporated by reference to Exhibit 4.8 to HoldCo’s Current Report on Form 8-K, filed with the SEC on July 1, 2024).
99.1    Press Release of HoldCo, dated July 1, 2024.
104    Cover Page Interactive Data File (embedded with the Inline XBRL document)

+ Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. HoldCo, as successor in interest to the Registrant, will furnish copies of any such schedules or exhibits to the SEC upon request.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Six Flags Entertainment Corporation, as successor in interest to the Registrant by merger, has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    SIX FLAGS ENTERTAINMENT CORPORATION
    (as successor in interest to Cedar Fair, L.P.)
    By:  

/s/ Brian C. Witherow

    Name:   Brian C. Witherow
    Title:   Executive Vice President and Chief Financial Officer
Date: July 1, 2024      
EX-99.1 2 d833728dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

NEWS RELEASE

 

 

CEDAR FAIR AND SIX FLAGS MERGER OF EQUALS SUCCESSFULLY COMPLETED, CREATING A LEADING AMUSEMENT PARK OPERATOR

CHARLOTTE, North Carolina (July 1, 2024) – Six Flags Entertainment Corporation (NYSE: FUN), the largest and most diverse amusement park operator in North America, today announced the successful completion of the merger of equals (the “Merger”) between Cedar Fair, L.P. (“Cedar Fair”) and former Six Flags Entertainment Corporation (“Former Six Flags”), effective July 1, 2024 (the “Closing Date”). The combined company is operating under the name “Six Flags Entertainment Corporation.”

Cedar Fair’s units and shares of Former Six Flags’ common stock ceased trading at the close of the New York Stock Exchange (the “NYSE”) on July 1, 2024. Beginning tomorrow, July 2, 2024, shares of Six Flags Entertainment Corporation’s common stock will start trading on the NYSE under the ticker symbol “FUN.”

Under the terms of the merger agreement, Cedar Fair unitholders received one share of common stock in Six Flags Entertainment Corporation for each unit owned, and Former Six Flags shareholders received 0.5800 shares of common stock in Six Flags Entertainment Corporation for each share owned.

“Today marks a significant milestone for our company, shareholders, guests and associates, unlocking higher value and greater opportunities to deliver engaging entertainment experiences,” said Richard Zimmerman, president and chief executive officer of Six Flags Entertainment Corporation. “Our merger establishes a new Six Flags Entertainment Corporation with a highly diversified footprint and robust operating model, enhancing park offerings and performance though the complementary portfolio of attractive assets and intellectual property from each of Cedar Fair and the former Six Flags. The combination also enhances the financial profile of the company with strong cash flow generation to accelerate investments in our parks to delight our guests, driving increased levels of demand and in-park value and spending.”

“We believe that by combining the best ideas and most successful entertainment practices of both Six Flags and Cedar Fair, the new Six Flags can deliver a superior level of joy and excitement that has yet to be experienced by regional park guests,” added Selim Bassoul, executive chairman of the board of directors of Six Flags Entertainment Corporation. “We are excited to unite the Cedar Fair and Six Flags teams to capitalize on the tremendous growth opportunities and operational efficiencies of our more extensive entertainment portfolio.”

Each park in the combined company’s portfolio will retain their legacy branding with no changes to park names currently being planned or contemplated.

 

Six Flags Entertainment Corporation – 8701 Red Oak Boulevard, Charlotte, NC 28217 – Phone: 704.414.4700


CEDAR FAIR AND SIX FLAGS MERGER OF EQUALS SUCCESSFULLY COMPLETED

July 1, 2024

Page 2

 

ABOUT SIX FLAGS ENTERTAINMENT CORPORATION

Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®.

ADVISORS

Perella Weinberg Partners served as exclusive financial advisor and Weil, Gotshal & Manges LLP and Squire Patton Boggs (US) LLP served as legal counsel to Cedar Fair. Goldman Sachs & Co. LLC served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Former Six Flags.

CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this communication that address activities, events or developments that Six Flags Entertainment Corporation expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” “intend,” “plan,” “potential,” “seek,” “synergies,” “target,” “will,” “would,” similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Six Flags Entertainment Corporation, and that could cause actual results to differ materially from those expressed in such forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined company’s operations, including the possibility that any of the anticipated benefits of the Merger will not be realized or will not be realized within the expected time period; the successful integration of the businesses of Cedar Fair and Former Six Flags; potential adverse reactions or changes to business relationships resulting from the completion of the Merger; legislative, regulatory, political and economic developments and changes in laws, regulations, and policies affecting Six Flags Entertainment Corporation; acts of terrorism or outbreak of war, hostilities, civil unrest, and other political or security disturbances; the impacts of

 

Six Flags Entertainment Corporation – 8701 Red Oak Boulevard, Charlotte, NC 28217 – Phone: 704.414.4700


CEDAR FAIR AND SIX FLAGS MERGER OF EQUALS SUCCESSFULLY COMPLETED

July 1, 2024

Page 3

 

pandemics or other public health crises, including the effects of government responses on people and economies; risks related to the potential impact of general economic, political and market factors on Six Flags Entertainment Corporation; those risks described in Item 1A of Cedar Fair’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2024, and subsequent reports on Forms 10-Q and 8-K; and those risks described in Item 1A of Former Six Flags’ Annual Report on Form 10-K, filed with the SEC on February 29, 2024, and subsequent reports on Forms 10-Q and 8-K (collectively, the “Reports”).

While the list of factors presented here is, and in the Reports are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. The ability of Six Flags Entertainment Corporation to achieve the goals for the Merger may also be affected by our ability to manage the factors identified above. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this press release. Six Flags Entertainment Corporation does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

CONTACT

Investors: Michael Russell, 419.627.2233

Media: Gary Rhodes, 704.249.6119

Alternate Media: Andrew Siegel / Lucas Pers, Joele Frank, 212.355.4449

The information included on, or accessible through, Six Flags Entertainment Corporation’s website is not incorporated by reference into this communication.

This news release and prior releases are available under the News tab at https://investors.sixflags.com

# # #

 

Six Flags Entertainment Corporation – 8701 Red Oak Boulevard, Charlotte, NC 28217 – Phone: 704.414.4700

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Document and Entity Information
Jul. 01, 2024
Cover [Abstract]  
Entity Registrant Name CEDAR FAIR L P
Amendment Flag false
Entity Central Index Key 0000811532
Document Type 8-K
Document Period End Date Jul. 01, 2024
Entity Incorporation State Country Code DE
Entity File Number 1-9444
Entity Tax Identification Number 34-1560655
Entity Address, Address Line One One Cedar Point Drive
Entity Address, City or Town Sandusky
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44870-5259
City Area Code (419)
Local Phone Number 626-0830
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Depositary Units (Representing Limited Partner Interests)
Trading Symbol FUN
Security Exchange Name NYSE
Entity Emerging Growth Company false
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