Cedar Fair opts out of credit facility covenant modification period

Positions the Company to fulfill pledge to reinstate quarterly cash distributions to unitholders

Thursday, 24 March 2022

Cedar Fair Press Release

SANDUSKY, Ohio--(BUSINESS WIRE)-- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced it has elected out of the covenant modification period contained within its amended credit agreement. This action positions the Company to reinstate quarterly cash distributions to unitholders by the third quarter of 2022, in-line with its previously stated target.

“The outstanding results produced by our team in the second half of 2021, combined with our strong season pass sales and positive outlook for the upcoming season, underscore the strength and resiliency of our business as well as Cedar Fair’s bright prospects for continued growth and value creation, particularly as the impacts of the COVID-19 pandemic continue to recede,” said Cedar Fair President and CEO Richard A. Zimmerman. “Consistent with the amended terms of our credit agreement, opting out of the covenant modification period moves us another step closer to reinstating quarterly cash distributions to unitholders, which we look forward to announcing in the coming months. We believe the re-initiation of distributions to unitholders will be another important reflection of Cedar Fair’s continued strength, progress and industry leadership.”