Six Flags Entertainment Corporation · NYSE:FUN
Six Flags Entertainment — Debt Investor Presentation (April 2010)
12 slides from Six Flags Entertainment's debt investor presentation, Apr 8, 2010
Slide 1: Disclaimer: Cautionary Statement Regarding Forward-Looking Information
Disclaimer Cautionary Statement Regarding Forward-Looking Information: This Presentation may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “
Slide 2: Disclaimer: Non-GAAP Financial Measures
Disclaimer Non-GAAP Financial Measures The Company uses “Adjusted EBITDA”, “Modified EBITDA” and “Free Cash Flow” to assess the operating results and effectiveness of its business. These terms presented in this Presentation are supplemental measures of performance that are not required by, or recogn
Slide 3: Situation Overview
Situation Overview The Company last presented a capital structure supporting a SFO-sponsored plan (“Previous Plan”). The $830MM of Exit financing supporting that plan consisted of: $100MM Revolving Credit Facility $730MM Term Loan B The proceeds, along with a $450MM equity rights offering backstoppe
Slide 4: Summary of Modified Plan of Reorganization
Summary of Modified Plan of Reorganization Summary of treatment by class Source: Disclosure Statement 1 Subject to dilution by the Long-Term Incentive Plan and the Delayed Draw Equity SFTP Prepetition Credit Agreement Paid in full in cash, through the proceeds of: $770MM First Lien Term Loan $250MM
Slide 5: Pro forma capitalization
Pro forma capitalization ($ ‘000s) New Plan Previous Plan S & U and Pro Forma Capitalization SFI SFO SFTP Theme Park Assets PIERS SFI Notes TW Loan SFO Notes Secured Credit Facility TW Loans Secured Exit Facility Partnership Parks Sources and Uses ($ ‘000s) Organizational structure 1 Based on implie
Slide 6: Consolidated projected cash flows
Consolidated projected cash flows 1 2 3 4 1 2009 Cost Adjusted, includes $16 million in additional cost savings for 2010 applied to such 2009 Adjusted EBITDA 2 2009 Cost Adjusted Capital Expenditures (net) of $90MM, which is comprised of the 2009 Capital Expenditures (net) of $99MM and $9MM in addit
Slide 7: SFTP projected cash flows
SFTP projected cash flows 1 2009 Cost Adjusted, includes $14 million in additional cost savings for 2010 applied to 2009 Adjusted EBITDA 2 2009 Cost Adjusted Capital Expenditures (net) of $81MM, which is comprised of the 2009 Capital Expenditures (net) of $90MM and $9MM in additional Capital Expendi
Slide 8: Amendment Request
Amendment Request The Company seeks to amend some of the terms of the $830MM Credit Facilities: Incorporate $20MM incremental Revolving Credit Facility commitments Allow up to $30MM of additional Revolving Credit commitments in the future $40MM incremental term loan commitments to be used to repay t
Slide 9: 1st Lien Summary Terms
1st Lien Summary Terms Summary of terms and conditions Borrower: Six Flags Theme Parks Inc. (“SFTP” or the “Borrower”) Guarantors: SFI, SFO, all of the Borrower’s domestic subsidiaries Admin Agent: J.P. Morgan Syndication Agents: Bank of America and Barclays Documentation Agents: Deutsche Bank and G
Slide 10: 1st Lien Summary Terms (cont'd)
1st Lien Summary Terms (cont’d) Summary of terms and conditions Mandatory Prepayments: 100% of indebtedness at SFTP or any of its subsidiaries (other than permitted indebtedness) 25% of indebtedness at SFO and SFI when 1st lien leverage ratio above 3.0x 100% of asset sale proceeds Subject to reinves
Slide 11: 2nd Lien Summary Terms
2nd Lien Summary Terms Summary of terms and conditions Borrower: SFTP Guarantors: SFI, SFO, all of SFTP’s domestic subsidiaries Admin Agent: Goldman Sachs Lead Arranger and Bookrunner: Goldman Sachs Facility: Term Loan Amount: $250MM Tenor: 6.5 years Pricing: L + 800 Libor floor: 2.0% OID: 97.0 Call
Slide 12: Equity Commitments Backstop Summary
Equity Commitments Backstop Summary Summary of terms and conditions 1 Subject to dilution in connection with awards under the Long-Term Incentive Plan and the Delayed Draw Equity $630MM in cash $19.5 — $69.5MM in conversion of debt for equity $25MM Delayed Draw Equity Issuer: Six Flags, Inc. Amount: