According to an 8K filed with the SEC, Wells Fargo served as administrative agent to provide an incremental $131 million of revolving credit commitments to Six Flags Entertainment’s senior secured revolving credit facility, increasing the facility from $350 million to $481 million.
“The increase in our revolving credit facility, combined with actions we have taken to reduce operating expenses and capital expenditures, provides us with significant runway to operate in this uncertain environment,” Mike Spanos, president and CEO of Six Flags Entertainment, said. “I am extremely proud of our team members’ commitment to successfully navigate through this challenging period. We are confident that our resilient team and the underlying strength of our business will enable us to emerge from this crisis even stronger, and we remain committed to driving long-term value for our shareholders. Once we reopen our parks, we will redouble our efforts to profitably grow our base business and pay down debt.”
As previously announced, Six Flags Entertainment suspended operations of its North American parks beginning March 13, 2020 due to the spread of COVID-19. The company expects to keep its parks closed until at least mid-May.
