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.

All other material terms and provisions of the facility remain substantially the same.

“The long-term strength of our business model and strong balance sheet created the opportunity to further reduce our borrowing rates,” said Brian Witherow, Cedar Fair’s executive vice president and CFO. “We believe we are well positioned to capitalize on opportunities in the future to generate solid returns for our investors for many years to come.”

Cedar Fair, one of the largest regional amusement-resort operators in the world, owns and operates 11 amusement parks, including its flagship park, Cedar Point, along with two outdoor water parks, one indoor water park and four hotels.