Premier Parks to Buy Back $375 Million in Debt

NEW YORK -- (Reuters) - Theme park company Premier Parks Inc. said last Wednesday it plans to buy back about $375 million in debt to replace it with lower interest debt.

The company said its Six Flags Theme Parks Inc. and Premier Parks Operations Inc. operating units have launched tender offers and consent solicitations for a total principal amount of $375 million in high yield coupon debt.

Premier plans to use proceeds from issuing new debt securities to fund the notes' purchase.

It said the companies are tendering for the $285 million principal amount of Six Flags' 12 1/4 percent senior subordinated discount notes due 2005. They are also tendering for the $90 million principal amount of Premier Operations' senior notes due 2003, Premier Parks said.

The tender offers will expire June 24 and the consent solicitations will expire on June 10.