The company expects total sales in the first quarter of 2020 to be $25 million to $30 million lower than in the same period last year, with $US 9 million related to the decline related to the company`s international agreements. Prior to the parking closures, the North American amusement park company`s revenues were higher than the previous year, mainly due to the increase in visitor numbers and the increase in visitor spending per capita. A significant part of the decline in turnover is offset by cost reduction measures implemented by the company after the cessation of operation of the fleet. Prior to the March 13 parking closures, the company paid $US 21 million in dividends and repurchased $US 51 million of its 4.875% bonds maturing in 2024. In addition, the company invested US$53 million in investments in the first quarter. The amendment will extend, among other things, until the end of 2021 the suspension of the audit of the guaranteed leverage ratio as a priority, unless the company decides to resume the net leverage ratio earlier. Between the first quarter of 2022 and the third quarter of 2022, the entity may calculate the net debt commitment by replacing the borrower`s consolidated EBITDA, as defined in the credit agreement, with the borrower`s adjusted EBITDA for the second, third and fourth quarters of 2019. As a result, this amendment will eliminate the use of the borrower`s adjusted consolidated EBITDA from 2020 and from the second, third and fourth quarters of 2021 in each net leverage test. In addition, the Company has agreed to extend the term of the minimum liquidity covenant until December 31, 2022. “The operational measures we have taken to respond to the COVID-19 crisis, combined with the one-year extension of our Covenant borrowing period and incremental revolving credit facility commitments, provide us with considerable flexibility and financial strength, while coping with the disruption caused by the pandemic,” said Mike Spanos, President and Chief Executive Officer.
“We continue to focus on the possibility of safely reopening more fleets, growing our core business profitably and reducing our net debt ratio.” GRAND PRAIRIE, Texas-(BUSINESS WIRE) -Six Flags Entertainment Corporation (NYSE: SIX), the world`s largest regional amusement park company and the largest water park operator in North America, today announced that certain of the company`s revolving lenders have agreed to provide $131 million in additional revolving loans to its $131 million revolving credit facility, Guarantee in Priority, Which increases the facility from $350 million to $481 million.1 The information contained in this press release consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements may involve risks and uncertainties that may result in actual results being materially depending on the results described in such statements. . . .