Chemical Bank Tapped to Lead Senior Financing for Six Flags Bid

By Goodwin, William | American Banker, August 20, 1991 | Go to article overview

Chemical Bank Tapped to Lead Senior Financing for Six Flags Bid


Goodwin, William, American Banker


Chemical Bank Tapped to Lead Senior Financing for Six Flags Bid

Chemical Bank has been lined up to arrange $450 million in bank loans to help finance a joint bid for Six Flags Corp. by Time Warner Inc. and the Blackstone Group.

The bid, valued at about $700 million, was set in motion last Friday, when an unregistered exchange offer was mailed to holders of $420 million in existing Six Flags junk bonds and preferred stock, a source close to the deal said on Monday.

News that a bid was in the works was first reported in Monday's Wall Street Journal.

90% of Investors Must Agree

The deal hinges on acceptance of the offer by holders of 90% of the bonds and preferred stock.

Results of the offer are expected in the fall, at which time a formal request for bank commitments would be made.

The new bank loans would be used to refinance existing Six Flags bank debt from a group of lenders led by Security Pacific Corp., and to help fund the cash portion of the exchange offer.

Most of the new Chemical-led credit would be in the form of a term loan, but it would also include a working capital line of about $70 million. …

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Chemical Bank Tapped to Lead Senior Financing for Six Flags Bid
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