Six Flags Completes Offering of
Net Cash Proceeds From Park Sale to Lenders
Company Intends to Use Remainder Of Proceeds To Further Reduce DebtNEW YORK, April 17 /PRNewswire-FirstCall/ -- Six Flags, Inc. (NYSE:SIX) announced today that following the successful conclusion of the saleof seven of its parks on April 6, 2007, it has completed the offering ofnet cash proceeds from the asset sale to its Tranche B Term Loan lenders,as required under the terms of its credit agreement. The Tranche B Lendershad the option to accept or reject any of the net cash proceeds offered to them.
At the time of the April 16 deadline, only .47% of the Tranche B TermLoan lenders had accepted payment. Therefore, under the terms of the creditagreement, the net cash proceeds rejected by the Tranche B Term Lenders --approximately $268 million -- can now be used by the Company for purposesincluding: repaying its revolver; repurchasing its bonds; for capitalexpenditures; for obligations under the partnership park agreements; andfor other corporate uses. The Company intends to use these net cashproceeds to further reduce its debt.
Six Flags, Inc. is the world's largest regional theme park company.Founded in 1961, Six Flags is celebrating its 45th Anniversary in 2006. SixFlags, Inc. is a publicly-traded corporation (NYSE: SIX) headquartered inNew York City.
SOURCE Six Flags, Inc.http://prnewswire.com/