Simpson Thacher represented J.P. Morgan Securities Inc., Banc of America Securities LLC, Barclays Capital and Deutsche Bank Securities Inc., as lead arrangers, and JPMorgan Chase Bank, N.A., as administrative agent, in connection with an $890,000,000 exit facility for Six Flags Theme Parks Inc. The exit facility is secured on a first lien basis and is comprised of a $770,000,000 term loan facility and a $120,000,000 revolving loan facility. The Bankruptcy Court entered an order approving Six Flags’ plan of reorganization on April 30, 2010, and the exit financing closed on the same day. Simpson Thacher also represented JPMorgan as administrative agent for the pre-petition secured lenders to Six Flags in connection with Six Flags’ Chapter 11 case. The pre-petition secured lenders were paid in full in cash (including default rate interest) under the plan of reorganization.
Six Flags Entertainment Corporation is the world’s largest regional theme park company with 19 parks across the United States, Mexico and Canada.
The Simpson Thacher team working on the transaction included: Frank Huck, Erik Hepler, Vanessa Bressler, Justin Benford and Matt Reichstein (Banking and Credit), Peter Pantaleo, Elisha Graff and Nick Baker (Bankruptcy), David Woll, Steve Fitzgerald, Riley Mendoza, Peri Zelig, Michael Warner, Abby Mollen, Matt O’Connor, Zara Ohiorhenuan and Sara Colon (Litigation), Mardi Merjian, Julia Rubin and Beatie Branch (Real Estate), Marcela Robledo and Katie Sholly (Intellectual Property), Jennifer Marsh (Tax), and Susan Kaufman (Executive Compensation and Employee Benefits). Paralegals John Oberbeck, Chris Garcia, Sean Weekes, Carlo Serio and Andrew Laird provided invaluable assistance.