Six Flags secures $1.1 bil in credit

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NEW YORK -- Theme park operator Six Flags Inc. said Monday it secured $1.1 billion in credit, most of which will be used to refinance outstanding sums under an existing credit facility.

The new senior secured credit facility will include an $800 million Tranche B term loan which matures April 2015, and a $300 million revolving credit facility which matures March 2013.

The company plans to use proceeds to refinance outstanding amounts on a $637 million Tranche B term loan, a $300 million revolving credit line and an $82.5 million multi-currency facility.

Any remaining proceeds will be used for working capital and general corporate purposes.

Shares of Six Flags rose 19 cents, or 3.2%, to $6.08 in morning trading on the New York Stock Exchange. The stock has ranged from $4.53 to $9.93 over the past year.

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