Six Flags Entertainment’s bank lenders have approved a reduction to the borrowing rate on the company’s $545 million term loan B credit facility.

The overall borrowing rate was reduced by one-quarter of 1%, moving from a rate of LIBOR + 2.25% to a rate of LIBOR + 2.00%. Excluding the cost of the transaction, the lower borrowing rate will save the company approximately $1.4 million annually in interest costs.

According to a related 8-K filing, Wells Fargo Bank served as administrative agent for the lenders party to the credit agreement.