Cedar Fair Entertainment amended the borrowing rate of its $735 million term loan B credit facility. According to a related 8-K filing, JPMorgan Chase Bank served as both administrative and collateral agent on the transaction.
The overall borrowing rate was reduced by 0.50%, moving from a rate of LIBOR plus a margin of 2.25% to a rate of LIBOR plus a margin of 1.75%. Excluding the cost of the transaction, the lower borrowing rate will save the company approximately $3.7 million annually in interest costs.
