SeaWorld Entertainment, Inc. (NYSE: SEAS) (the “Company”), a leading theme park and entertainment company, today announced that SeaWorld Parks & Entertainment, Inc. (the “Issuer”), a direct wholly-owned subsidiary of the Company, has commenced a private offering of $825.0 million aggregate principal amount of senior notes due 2029.
The notes will be fully and unconditionally guaranteed by the Company, any subsidiary of the Company that directly or indirectly owns 100% of the issued and outstanding equity interests of the Issuer, and each of the Issuer’s subsidiaries that guarantees the Issuer’s existing senior secured credit facilities.
The Company intends to use the proceeds from the issuance of the Notes, together with cash on hand and borrowings under its new term loan facility, to redeem up to $450.0 million aggregate principal amount of the Issuer’s outstanding 9.500% Second-Priority Senior Secured Notes due 2025, to refinance the Issuer’s existing term loan facility and its existing revolving credit facility, and to pay related expenses of the offering and refinancing.
