Jump to content

Cedar Fair 2022 Third Quarter Results

Recommended Posts

It's nice to see debt levels normalize.

Brian Witherow During the 9-month period, we also generated $310 million in the sale leaseback of the land at our Great America park in Santa Clara, California. Through the first 9 months of the year, we used $264 million to fully repay the company's term loan, bringing total debt outstanding down to $2.3 billion and net leverage back to pre-pandemic levels at 3.7x trailing 12-month adjusted EBITDA at the end of the quarter. 

Richard Zimmerman "Ben, the other thing that I'll jump back to. When we went into the pandemic, a lot of question marks, we issued a $1 billion bond in April of 2020 to make sure we had adequate liquidity. Yes, you look at what we've done on the capital structure, paying down 90 -- more than 90% of the debt that we incurred to survive the pandemic and get us through. The reinstitution of the distribution, getting down to that 3.7. I'm really pleased with the rapid recovery, if I could put it that way. And I’m really pleased with what we’ve been able to do with the free cash flow to set the foundation on the capital allocation side for how we create some – create even more value for our unitholders. I don’t want to step over that because I think the impact of that rapid recovery has really let us get healthy very quickly. And that’s going to let us drive growth in the future."

  • Like 3
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    • No registered users viewing this page.
  • Create New...