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Paul, Weiss Advises SeaWorld in Senior Secured Notes Offering
- Client News
- April 28, 2020
Paul, Weiss is advising SeaWorld Parks & Entertainment, Inc. in its offering of $227.5 million in aggregate principal amount of its 8.750% first-lien senior secured notes due 2025. SeaWorld, a portfolio company of Paul, Weiss client Hill Path Capital LP, is a leading theme park and entertainment company that owns or licenses recognized brands, including SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place and Sea Rescue.
On March 16, in response to the COVID-19 pandemic, SeaWorld temporarily closed all of its theme parks, effectively halting its ability to generate revenue. The notes offering, which priced on April 21, and related financing transactions, including an amendment to the company’s existing first-lien credit agreement to provide relief from certain covenants, is expected to provide the company with sufficient liquidity to meet its cash expenditure requirements into the fourth quarter of 2021. The notes offering is expected to close on April 30, 2020.
The Paul, Weiss team included, among others, corporate partners Brian Kim, Gregory Ezring, Robert Zochowski and Manuel Frey and counsel Gabriella Toossi; tax partner Brad Okun; employee benefits partner Lawrence Witdorchic; real estate partner Salvatore Gogliormella; and environmental counsel William O’Brien.