Cedar Fair Covid 19 Financial Response

Nobody told nobody nothing on no midway on Closing Day 2020...

BECAUSE IT HASN’T HAPPENED YET! And may not happen at all.

If there is one thing I thought would have been over by the year 2020 it's people on a roller coaster forum claiming to have insider knowledge and/or claiming "park suits" "dished" information out on the midway.

To quote the 20+ years thing at PointBuzz, those who know don't talk, those who talk don't know.

Oh yes they did!

Sorry you weren't there!

I just want to make this clear, my objective in pointing this out is because Jason took a lot of heat from people for the "Golden Pass", including me. I explained to him the weekend before the parking lot fiasco where guests were being turned away, that there were many spots open to park cars, approximately 1,000 open spots at 6:00 P.M. in the evening and if they had a lot more direction from employees in the parking lot that the cars entering could find spots more easily and help ease the congestion.

The following weekend, I went to a different Cedar Fair park, knowing of the upcoming disaster that was about to happen, where guests would be turned away due to the overcrowding. I went and rode plenty of coasters, way more than anyone at Cedar Point could of ridden due to the popularity of the Gold Pass and Halloweekends.

Then on closing weekend I went to that same park on Saturday and then went to Cedar Point on Sunday, the day when most rides didn't open until 5:00, due to the intense wind.

Where you there that day Jeff, Cartwright, and Shane and did you discuss the same exact questions with the people I discussed?

So Jason, deserves the credit where it deserves as anyone else would.

Just to clarify (and I’ll only need one post to say this, not three), directly from Jason and Tony: the park does not have a max capacity; no one is turned away because the park is full. Lack of parking is the only reason folks were turned away last year. The park was never closed to guests.

-From WCO this year, where there were hundreds of witnesses.

I'll play along.

I was at the park on Closing Day 2019, yes. If you name who you had these discussions with I'd be happy to give you more credibility.

Also, I'm sure Jason just looooved those conversations you had with him. I'm sure you were reasonable, level headed, and understanding of basic facts. Just like you are on here.

CED23 said:

Sorry, not sorry you have a juvenile mentality. You are so hard up for money that you felt entitled to your false notion of being "made whole"., when you lost nothing & were contractually due nothing. You're surely checking 10 times a day if your stimulus payment arrived, paid for by people like me.

While I appreciate the financials, your comment is way out of line. Not sure where it came from.

I figured they would suspend the dividend. The pay cuts are a nice symbolic gesture as well.

Jeff said:

Standing by something doesn't make it correct. There's a great deal of corporate politics that went into the offering.

I tend to agree. Marketing decisions such as the GP are always done by committee. Call it corporate politics if you like.

Just Coasting- Where did you buy your time machine? I’d like to get one, too, so I can see what Closing Day 2020 looks like.

It appears that he is no longer here.........

I am surprised he lasted this long. But I'm also sad that the entertainment he provides is gone.

CED23 said:

The options beg to differ, a ton of calls at $25(stock at about $23) & only major action, but not nearly as much on puts at $17.50. CF is not like SF, which has high put action at $7.50 People are betting on major move down from SF current $15 price.

Suprised the unit price is up today, but I bought two $17.50 May puts on Friday and sold two $25 May covered calls. We'll see what happens over the next month. Very skeptical they open this season.

Cedar Fair Announced a 875M secured note this morning

1) Using 464M of the note to pay part of the 750M term B loan maturing 2024

2)Increased Revolving Credit line by 100M to 375M,they have 230M unused

3)Lender suspended their leverage ratio covenants on 2024 note

4)secured leverage ratio drops from 4 to 1 to 3.75 to 1 Q4 2021

5)stipulation of minimum liquidity of 125M

6)CF debt will go up to about 2.6B(add abut 400M)

7)Liquidity: about 660M--Cash about 20M, Note 410M, Revolver 230M

Update : the note ended up being 1Billion at 5.5%

Liquidity: about 785M - assuming they still use 464M of the new note for early term loan pre payment