April 8, 2004
Aurora, OH -- Six Flags Worlds of Adventure will be under new management this Spring as the Aurora theme park has now been acquired by park operator Cedar Fair, L.P. The completed acquisition announced today is valued at approximately $145 million.
"With this acquisition we have added another successful operation to the Cedar Fair family of parks in a market we already know very well." commented Dick Kinzel, chairman, president and chief executive officer of Cedar Fair. "The park offers many marketing and operational synergies, and provides us with a new source of earnings and future cash flow to grow distributions for our unit holders."
The Partnership also reported that it has completed a new long-term financing arrangement to fund a portion of the cash purchase price. A private placement of $75 million has been arranged to provide funds for terms of seven to eleven years at a fixed rate of 4.72%. The Partnership has funded the balance of the purchase price through an expansion of its revolving credit facility, but intends to enter the equity market later this year to complete the permanent funding of the acquisition.
Immediately Six Flags Worlds of Adventure has been renamed Geauga Lake. Located on 690 acres the park offers a variety of rides and attractions centered around a 50-acrew spring-fed lake, including 10 roller coasters, a water park and a variety live entertainment. The park attracts more than 1.5 million visitors annually.
Missing from the park when it reopens will be the animal attractions left from Six Flags purchase and merger of Sea World Ohio in 2001. The deal, which included all assets of the theme park, including hotel and campground, excluded the live animals. Shouka, the park's killer whale, is being relocated to Six Flags Marine World in Vallejo, California.
Several of the park's attractions, including several roller coasters, have been renamed in preparation for the upcoming season. The deal did not include the rights to licensed characters Six Flags uses in their parks.
Geauga Lake is schedule to open for the 2004 season on May 1. For more information including operating schedule and prices check out the park's new web site www.geaugalake.com.