Moody's: Cedar Fair unchanged

Moody's Investors Service said that Cedar Fair LP's revised refinancing will not affect the company's Ba3 corporate family rating, SGL-2 speculative-grade liquidity rating, Ba2 senior secured bank credit facility rating or B2 senior unsecured note rating.

Cedar Fair is downsizing its previously announced bond offering to $300 million from $500 million and increasing the size of its proposed senior secured term loan to $1.25 billion from $1.05 billion, Moody's said.

The company plans to utilize the net proceeds from the proposed offerings to refinance its $1.7 billion of existing debt, the agency said.

Moody's said it expects the revised transaction structure will result in a slightly larger increase in cash interest costs relative to the previous refinancing transaction proposed in May 2010, but the amount is not significant enough to warrant a change in the corporate family rating.

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