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CEDAR FAIR CREATES ADDITIONAL FINANCIAL FLEXIBILITY BY AMENDING ITS SENIOR SECURED TERM DEBT FACILITY

— Amended Facility Expected to Deliver Annualized Interest Savings of Approximately $18 Million

SANDUSKY, OHIO, February 25, 2011 – Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has amended its senior secured term debt facility dated July 29, 2010, on terms reflective of the recently improving conditions in the credit market, as well as the Company’s strong performance and favorable outlook for 2011 and beyond.

“This amendment is the latest step in the ongoing management of our capital structure to provide financial flexibility along with sustained and growing value for our unitholders,” said Dick Kinzel, Cedar Fair’s President and Chief Executive Officer. “The rate reduction alone offers us an annualized cash interest savings of approximately $18 million at today’s interest rate levels.”

Kinzel noted that the refinancing also is a testament of the Company’s relationship with its lenders, who continue to be strong supporters of Cedar Fair.

Under the new lending arrangements, interest rates have been reduced, certain covenants modified and the maturity extended one year to December 2017. Interest rates on the senior secured term debt facility decreased to LIBOR plus 300 basis points with a LIBOR floor of 1%. This represents a 1.5% improvement over the previous rates of LIBOR plus 400 basis points with a LIBOR floor of 1.5%. The amendment also improved the Company’s flexibility surrounding distribution payments. In 2011 the general distribution basket has been increased to $60 million from $20 million. This basket will revert back to $20 million beginning in 2012, while the parameters surrounding the excess cash flow sweep have been widened for 2012 and beyond. The customary affirmative and financial covenants remain unchanged.

“We continue to follow our balanced approach which consists of capital investment in our world class parks, along with the prudent management of our cash flow for sustainable and growing distributions and debt reduction. It is our goal to distribute $1.00 per unit in distributions in 2011, provided we achieve our 2011 free cash flow expectations,” concluded Kinzel.

About Cedar Fair
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Amusement parks in the Company’s northern region include two in Ohio: Cedar Point, consistently voted “Best Amusement Park in the World” in Amusement Today polls and Kings Island; as well as Canada’s Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN; and Michigan’s Adventure, MI. In the southern region are Kings Dominion, VA; Carowinds, NC; and Worlds of Fun, MO. Western parks in California include: Knott’s Berry Farm; California’s Great America; and Gilroy Gardens, which is managed under contract. 

Judith Rubin
Judith Rubin ([email protected]) is a leading journalist, publicist, strategist, blogger, content marketing specialist and connector in the international attractions industry. She excels at writing about all aspects of design and technical design, production and project management. Areas of special interest include AV integration and show control, lighting design and acoustics, specialty cinema, digital video and world’s fairs. Judith has ties to numerous industry organizations. From 2005-2020 she ran communications, publications and social media for the Themed Entertainment Association (TEA). In 2013, she was honored with the TEA Service Award. She was development director of IMERSA, and co-chair of the 2014 IMERSA Summit. She was publicist for the Large Format Cinema Association in the 1990s, now part of the Giant Screen Cinema Association (GSCA) and has also contributed to the publications of PLASA, IAAPA and the International Planetarium Society. Already making her mark as a magazine and book editor, Judith joined World’s Fair magazine in 1987, which introduced her to the attractions industry. Launching as a freelancer in the mid 1990s she has contributed to dozens of publications and media outlets including Funworld, Lighting&Sound America, Sound & Communications, Urban Land, The Raconteur and The Planetarian. She joined InPark in 2010. Judith earned a Bachelor of Fine Arts from Pratt Institute. She has lived in New York City and the San Francisco Bay Area, and now makes her home in Saint Louis, where she is active in the local arts and theater community.

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