Ohio-based amusement park operator Cedar Fair LP's lenders approved a reduction to the borrowing rate on the company's $735 million Term Loan B credit facility.
The overall borrowing rate was reduced by 0.50%, moving to a rate of London Interbank Offered Rate plus a margin of 1.75% from a rate of LIBOR plus a margin of 2.25%, the company said March 14.
Excluding the cost of the transaction, the lower borrowing rate will save the company about $3.7 million annually in interest costs.
Cedar Fair doing business as Cedar Fair Entertainment Co. is a regional amusement park operator based in Sandusky, Ohio.
