Six Flags Entertainment entered into a new seven-year $800 million senior secured term loan facility and five-year $350 million senior secured revolving credit facility.

According to a related 8-K filing, Wells Fargo served as administrative agent, swing line agent and issuing bank for the transaction. Bank of America and Goldman Sachs Bank were co-syndication agents. Wells Fargo Securities and Merrill Lynch served as joint lead arrangers.

The proceeds will be used to refinance the $584 million outstanding term loan B under the company’s prior credit facilities, to pay off the balance of the prior revolving credit facility, and for general corporate purposes, including share repurchases and payment of refinancing fees.

The company’s borrowing rate for the new term loan will be LIBOR plus 200 basis points with a zero floor on the LIBOR rate. In addition, the agreement provides the company with more flexible covenants. As a result of the refinancing, the company now has no debt maturities prior to 2024.